RALEIGH, N.C. (AP) — A deliberate effort to set money aside so North Carolina is prepared for natural disasters, revenue shortfalls and other state government emergencies is heading to the House floor.
The chamber scheduled debate Wednesday on legislation fashioned by a study committee that directs budget-writers to put money equal to 15 percent of predicted revenue growth into the state’s saving reserve annually. The reserve fund target will be set by state economists.
The bill also puts restrictions on how the reserve funds can be spent and how much can be used before supermajorities in the House and Senate are required.
Bill sponsors say it will get lawmakers and the governor in the habit of saving whenever tax collections grow. The saving reserve is currently just under $1.5 billion.