North Carolina
Public finance
The North Carolina budget is prepared biennially by the governor and reviewed annually by the Office of State Budget and Management, in consultation with the Advisory Budget Commission, an independent agency composed of five gubernatorial appointees, five members from the senate, and five from the house of representatives. It is then submitted to the general assembly for amendment and approval. The fiscal year runs from 1 July to 30 June.
The state budget for the 1999 to 2001 biennium totaled $24.3 billion for 1999/00, and $23.9 billion for 2000/01. For the biennium, almost 60% of funds were to come from the general fund, 25% from the federal government, and 8% each from highway taxes and other government receipts.
The largest appropriations went to education, or $26 billion for the two fiscal years and 54% of the budget. Approximately $5.8 billion was allocated to health programs, $1.8 billion to the Department of Corrections.
Adjustments for the improved economic outlook in 2000 (GDP growth for 2000/01 was revised to 4.9%, from a forecast of only 2.4%) increased the prospects of meeting the requirements of the estimated budget.
The following table from the US Census Bureau contains information on revenues, expenditures, indebtedness, and cash/securities for 2001.
| ($000) | PERCENT | PER CAPITA | |
| Population (thousands, 2001) | 8,206 | (X) | (X) |
| Total Revenue | 32,202,748 | 100.00 | 3,924.29 |
| General revenue | 29,391,844 | 91.27 | 3,581.75 |
| Utility revenue | – | – | – |
| Liquor store revenue | – | – | – |
| Insurance trust revenue | 2,810,904 | 8.73 | 342.54 |
| Exhibit: Salaries and wages | 5,013,082 | 15.85 | 610.90 |
| Total expenditure | 31,626,851 | 100.00 | 3,854.11 |
| General expenditure | 28,860,264 | 91.25 | 3,516.97 |
| Education | 11,960,237 | 37.82 | 1,457.50 |
| Public welfare | 6,202,780 | 19.61 | 755.88 |
| Hospitals | 1,266,440 | 4.00 | 154.33 |
| Health | 922,880 | 2.92 | 112.46 |
| Highways | 2,513,413 | 7.95 | 306.29 |
| Police protection | 338,731 | 1.07 | 41.28 |
| Correction | 937,572 | 2.96 | 114.25 |
| Natural resources | 623,002 | 1.97 | 75.92 |
| Parks and recreation | 158,100 | 0.50 | 19.27 |
| Government administration | 853,751 | 2.70 | 104.04 |
| Interest on general debt | 558,404 | 1.77 | 68.05 |
| Other and unallocable | 2,524,954 | 7.98 | 307.70 |
| Utility expenditure | – | – | – |
| Liquor store expenditure | – | – | – |
| Insurance trust expenditure | 2,766,587 | 8.75 | 337.14 |
| Debt at end of fiscal year | 9,998,034 | 100.00 | 1,218.38 |
| Cash and security holdings | 73,324,695 | 100.00 | 8,935.50 |