Carolina Journal reports that North Carolina is one of the best prepared states in the country to face a future recession or unexpected financial strain. According to the Pew Charitable Trust, which tracks states’ financial policies, North Carolina has set aside money in a dedicated savings account so that it could run for a full month only on this savings.
The General Assembly has continued to exercise fiscal restrain in the past several budget cycles and continued to set aside more money into its Rainy Day Fund. In 2017, North Carolina became one of six states during to reform its rules concerning the reserves. House Bill 7 passed the House 110 – 3. Key components of HB7 requires state budgets to set aside 15% of revenues for the state’s savings. It also requires use of certain funds to require a 2/3 majority vote of the legislature.
Read more: https://www.carolinajournal.com/news-article/n-c-better-prepared-than-most-for-rainy-day-report-says/