![]() ![]() $150 million for testing and remediation of lead and asbestos from public schools and child care facilities.$100 million in supplemental K-12 salary funds for low wealth counties.Another $2.5 billion will be slotted to the state’s rainy day fund, making that reserve approximately $4.25 billion by the end of the next fiscal year.In 2022 it would drop to 4.99%, and then eventually down to 3.99% after 2026.īetween the budget bill and the money report there are nearly 1400 pages to sift through, so rest assured reporters will be finding other morsels in the days ahead. Presently the personal income tax rate is 5.25%. Meanwhile, the personal income tax rate would be cut (or reduced) in each of the next six years. The standard deduction – your zero-tax threshold – would increase for all filers. The vast majority of North Carolinians would see a tax cut under this budget. This bill also eliminates taxes on military pension income. Presently North Carolina has the lowest corporate rate (2.5%) of any state in the country with a corporate tax. The plan would phase out the corporate tax rate by 2029. State lawmakers make their latest pass at altering the tax code in this budget. The amounts are 2% for this year and 3% for the next fiscal year. This budget also includes a one-time cost of living adjustments for retired state workers, and teachers. This bonus amounts to something of a retention bonus and would be paid with federal funds. This one-time lump sum would be for teachers still employed who have also completed a COVID-19 training. Also, public educators would receive a separate $1,000 retention bonus come January. In addition, K-12 staff would receive the same bonuses as state employees, as well as a $300 additional bonus. These increases would also result in an average 5% increase over the next two years, according to legislative staff. Public school teachers would see increases in their step schedule under this proposed spending plan. Workers making more than $75,000 would receive a $1,000 bonus. Community college, UNC System, and rank and file state employees with an annual salary of $75,000 would also receive a $1,500 bonus. Another 2.5% raise is included for the 2022-23 fiscal year. For this fiscal year, a salary increase of 2.5% would take place retroactive to July 1st. It includes raises and bonuses for nearly all state employees. The proposed spending plan is $25.9 billion, which represents a little more than a 4% increase compared to current spending levels. #ncpol #ncga- Jeff Tiberii November 15, 2021Īs the unofficial budget week begins, here are some basics: It's a $25.9B plan up a little more than 4% from the current spend some numbers from the just-released state budget: Strateg ic revenue projections intentionally capture tax base growth & robust sales tax revenues.So in case you don't see anyone tweeting about it. The FY 2024 Budget is balanced utilizing available revenue capacity, leveraging other reserves, and aided by the inclusion of anticipated American Rescue Plan Act funds. Staffing Resources: Limited new positions: 2 new positions FT & 2 existing part-time position shifts to FT and Recruitment & Retention.Getting Ahead of Curve: Pugh House Study MSD Final Project Design Staff Space Needs Sustainability Capital Reserves Future CIP Support and Large Equipment Replacement Planning. ![]() Fundamentals: Solid Waste Service Contract Increases Fleet Utilization Plan Capital Project Management Care & Maintenance Resources Traffic Management Proactive Street Repairs Cricket Field Maintenance Resources MAFC Facility Repairs Insurance, Fuel, & Billing Process Fee Increases and Sawmill Creek Tributary Restoration.Innovation: Security Technology Improvements Body Worn & In-Car Camera Replacements and Other Hardware Replacements.Welcoming: Cultural & Special Events Supporting Existing Parks Programs New Park Space Opportunities Updating Northwest & Morrisville Community Parks Playground Updates Smart Shuttle Cost Increases & Existing Nodes Amenities Future Parkland & Open Space and Crabtree Creek Nature Park.Creating a Destination: Safer Streets & Sidewalks Morrisville Parkway Access Study Mural Pilot Program Quality Core Services Town Center Phase I Airport Boulevard Extension Phase I and Intersection Improvements Phase II.Town Council and Board Meeting Archives.Town Council & Citizen Advisory Committee Meetings +.Elections/Electoral Residency District Maps.Parks, Grounds, and Athletics Maintenance.Ensuring Racial Equity in Training and in Practice.Community Emergency Response Team (CERT). ![]()
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