Raleigh, N.C. – Bipartisan legislation proposing a $3.1 billion bond for North Carolina’s education communities and transportation needs was filed by state House Speaker Tim Moore (R-Cleveland) on Wednesday.
House Bill 1225 Education and Transportation Bond Act of 2020 is sponsored by Rep. Jeffrey Elmore (R-Wilkes), Rep. John Torbett (R-Gaston), Rep. Michael Wray (D-Northhampton), and Speaker Moore.
The bill proposes $1.5 billion in bond funding for the North Carolina Department of Transportation, $800 million for K-12 public schools, $600 million for the University of North Carolina system, and $200 million for the state’s community colleges.
The bill sponsors released a joint statement:
“North Carolina is in a strong position to leverage our smart financial management now to invest in the future of our state’s economic connectivity and educational success,” Speaker Moore, Reps. Elmore, Torbett, and Wray said in a joint statement Wednesday.“This bond proposal builds on North Carolina’s substantial investments in every community to ensure our rapid population and job growth continue as we recover from the COVID-19 pandemic.”
Last week, analysis for both the General Assembly’s nonpartisan Fiscal Research Division and the Office of State Budget and Management predicted a total net drop in expected collections of $5 billion for the current budget biennium.
The figure includes an expected $4.2 billion drop, or 8.2%, in General Fund revenues plus an expected $774 million drop, or 9.7%, in the Highway Fund and Highway Trust Fund.