Promises Kept; General Assembly Provides Immediate Relief, Adjourns 2020 Session with AAA Financial Ratings, While Safely Rebuilding our Economy

Raleigh, N.C. – The North Carolina House of Representatives adjourned its 2020 Legislative short session on Friday after keeping its promises to issue immediate COVID-19 relief, invest in core taxpayer priorities, and prepare for an uncertain financial future by maintaining the state’s AAA credit ratings.

The Legislature has appropriated billions of dollars in bipartisan COVID-19 relief packages, directing state and federal funds to communities across North Carolina while preparing for an estimated $5 billion revenue shortfall. Spending packages have been specifically targeted to help safely rebuild our economy.
Historic reforms implemented by the General Assembly to North Carolina’s tax code, unemployment and pension systems, Medicaid program, and the state budget have ensured the state maintained its AAA credit rating despite the COVID-19 crisis.
Those reforms prevented a repeat of 2009, when the state was disastrously unprepared for the financial crisis and sunk billions into debt, furloughing state employees and cutting teacher pay.
Instead, this General Assembly appropriated step salary increases and bonuses to public school teachers after raising average educator pay to the 2nd highest in the Southeast.
Despite spending more than $1 billion on hurricane relief since 2017, the North Carolina General Assembly was prepared when the current economic crisis began with $1 billion in savings and nearly $4 billion in its Unemployment Trust Fund.
These responsible savings and pro-taxpayer reforms position North Carolina to continue its rapid economic expansion as Forbes’ Best State for Business three years in a row.
“North Carolinians can have confidence that this General Assembly kept its promises to provide immediate pandemic relief that prioritized public health and a safe rebuild of the economy. We have balanced budgets, made investments in core taxpayer priorities, while maintaining AAA financial ratings for the future through our good-government reforms,” said North Carolina House Speaker Tim Moore (R-Cleveland).
The Legislature also wrapped-up extensive policy work this session responding to COVID-19 and reforming criminal justice, agriculture, education, transportation, health care, and elections laws.
The North Carolina House will remain in session until July 11, adjourn temporarily, then reconvene September 2, 2020.