Brooks Pierce Capital Dispatch: Updates from the NC General Assembly and Governor’s Office
May 13, 2022
Gov. Roy Cooper announced his 2022 state budget recommendations and a new consensus revenue forecast was released this week.
Governor’s 2022 Budget Recommendations
This week, Gov. Cooper released his recommendations for changes in the state budget in advance of the beginning of the 2022 legislative session on May 18. The state budget law enacted in November 2021 is for two fiscal years through June 30, 2023 and Cooper’s recommendations primarily impact FY 23. Legislators will consider his ideas and other proposals as they work toward adopting a budget bill during this summer’s session.
To access a link to Cooper’s recommendations, click here.
Highlights of his proposals are:
New Consensus Revenue Forecast
An important tool used by the governor and legislators during the budget process is the Consensus Revenue Forecast, which is agreed to by the Office of State Budget and Management under Gov. Cooper and the General Assembly’s Fiscal Research Division. The new forecast provides some encouraging news on state finances. Here are some highlights from the forecast:
As shown above in his budget recommendations, Gov. Cooper is proposing to spend much of this additional revenue. Some legislative leaders are expressing some caution about new state spending given the possibility of an economic recession.
Governor Nominates New State Controller
Gov. Cooper recently nominated Deputy State Budget Director Nels Roseland to serve as state controller, which is the state’s chief fiscal officer. If confirmed by the General Assembly, he will replace Dr. Linda Combs, who is retiring on June 30.
Roseland in his current job assists agencies with operational issues and oversees state funding for recovery efforts to families and communities impacted by natural disasters. He has also served as deputy chief of staff and chief financial officer in the N.C. Department of Justice and as a budget analyst in the North Carolina Office of State Budget and Management and the Florida Office of Planning and Budget. Roseland is a former elected member of the Cary town council and earned his Bachelor of Arts from the University of Central Florida and his Master of Public Administration degree from Florida State University.
For more information, contact a member of the Brooks Pierce Government Affairs Team.