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Bill Mandating Deposits To Rainy Day Fund Wins Bipartisan Support PDF Print E-mail
State Government
By Administrator   
Thursday, 16 February 2017 10:54
House Democrats and Republicans voted to support a measure that requires monet be deposited every year into the state’s rainy-day fund.
Only three Democrats voted against the proposal. 
The legislation mandates 15 percent of each year’s revenue growth from the prior year go into the reserve fund. Withdrawals are limited to 7.5 percent of the previous fiscal year’s operating budget. Spending more than 7.5 percent would require two-thirds majority votes in the House and Senate.
Rep. Nelson Dollar of Cary told the News and Observer the plan was developed with guidelines from the Pew Research Center, a nonpartisan government policy think tank.
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