Pardon Our Dust
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Just a few weeks before members of the North Carolina General Assembly are set to return to Raleigh for the start of the short session, the legislature’s Fiscal Research Division and the Office of State Budget and Management released their 2022 consensus revenue forecast. The consensus forecast update expects revenue to increase by $6.20 billion, or 10.8%, over the 2021-2023 biennium. The forecast also shows stronger than estimated job growth, greater than expected sales and use tax revenues, does not foresee a near-term recession, and notes that inflation reached a 40-year high back in March at 8.5%.
Just a few days after the consensus revenue forecast was released, Governor Roy Cooper (D) unveiled his budget recommendations for the second year of the budget enacted last fall. In his proposal, Governor Cooper includes Medicaid expansion, over $140 million for clean energy and environmental needs, provides an additional 2.5% salary increase for law enforcement and health professionals, and provides retention bonuses to teachers, state employees, and local education employees. The proposal also includes $166 million to help address the state’s economic development needs, over $120 million to address labor shortages across various industries, and provides $525.8 million to fully-fund Year Three of the Comprehensive Remedial Plan to increase access to a sound, basic education for North Carolina’s students.
Key Legislative Primaries
In last week’s edition of Week in Review, our team did a deep dive into North Carolina’s congressional primary races. This week, our team breaks down several key legislative primaries for the North Carolina State House and Senate races. Several of these districts look dramatically different after the 2020 census and subsequent redistricting efforts, as a large population shift occurred where rural population shrank and, simultaneously, the urban population dramatically increased. Given this shift, the rural-based districts got larger in land mass and the urban-based districts got smaller. This ultimately led to multiple members of both parties being double bunked in the rural areas.
Upcoming Legislative Meetings
Wednesday, May 18
12:00 PM House: Session Convenes
12:00 PM Senate: Session Convenes