Senate signs off on budget

Submitted by bkrueger on July 8, 2008 - 12:19pm.
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The $21.4 billion state budget proposal cleared the Senate today by a 31-14 vote. The House is expected to take up the spending plan when its session begins at 4:30 p.m.

Debate in the Senate was short. Senate Minority Leader Phil Berger, a Rockingham County Republican, again questioned the level of borrowing in the budget. It calls for authorizing more than $850 million in capital construction projects.

Berger said that while the borrowing does not exceed affordability standards set by the state treasurer, he said the budget includes planning money for another billion dollars in future capital projects, reports Dan Kane.

Lawmakers will be hard pressed to fully fund those projects given the amount of debt they are taking on in the budget, he said.

"We are tying down the future in North Carolina," he said. "We have serious and growing problems in terms of transportation, in terms of other issues that will need to be dealt with."

His concerns drew no response from Democrats who control the chamber.

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Re: Senate signs off on budget

Submitted by jonoflocke on July 8, 2008 - 12:42pm.

The budget is exorbitant (as usual):

$857 million in new debt, $750 million in COPs and $107 million in reissued bonding authority retired from previous issues (called “two-thirds bonds”). The COPs will cost taxpayers tens of millions more to finance than general-obligation bonds would. And legislative leaders admit that the projects will mostly break ground years from now, invalidating any argument based on urgency.

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