North Carolina Senate Leader Phil Berger (R-Rockingham) and House Speaker Tim Moore (R-Cleveland) today announced a budget agreement.
The total spend of the budget is $27.9 billion and includes significant investments in teacher and state employee raises, infrastructure, economic development, and water and sewer.
Some highlights include:
- Teachers will receive a 4.2% average increase in FY 22-23 and will receive a 9.1% total increase over the biennium.
- School employees will receive the greater of 4% or an increase to $15/hour.
- State agency employees will receive a 3.5% pay increase.
- State Retirees: will receive an additional 1.0% one-time retiree supplement (total of 4% over biennium).
- Economic Development: $876 million to supplement major projects.
- School Safety Grants: $32 million for Safety Equipment, Students in Crisis, and Safety Training.
- Mental health programs: $14.8 million.
- Water and sewer: $600 million additional and $2.5 billion over the biennium.
In a joint statement, Sen. Berger and Speaker Moore said, “This is a responsible budget that responds to our current needs and plans for an uncertain economic future. This budget takes into account the strain of runaway spending from our federal government that is stretching North Carolinians’ budgets thin, and the burden of skyrocketing fuel prices and inflation. It’s imperative that we stay on track and continue the good work we’ve done in North Carolina to strengthen our economy, meet the needs of our citizens, and secure a bright future for our state.”
The budget can be read in full here.