Progressive Pulse: How the Senate Pays for Its 2015 Budget Proposal
media mentionBy Tazra Mitchell, May 30, 2014
On Wednesday evening, the North Carolina Senate unveiled its $21.16 billion budget proposal for the 2015 fiscal year that begins in June 2014 and ends in July 2015. The Senate leadership decided to put the budget on a fast track to approval, bypassing the appropriations subcommittee process and scheduling the final debate to begin today at 4pm into early Saturday morning.
As we reported earlier this month, estimates from the Institute on Taxation and Economic Policy suggest that the revenue projections for next fiscal year could be off target by $600 million—a far greater number than the $191 million estimate. If that ends up being the case, the Senate will have to again force agencies to return a huge chunk of change—estimated at over $400 million (see table below). Of course, this would come at the expense of vital programs and services that build a strong foundation for the economy and help North Carolinians.
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