@NCCapitol

@NCCapitol

Budget compromise out

Posted May 31, 2011 8:07 a.m. EDT
Updated May 31, 2011 2:18 p.m. EDT

Late last night, the Senate posted its budget compromise.   You can find the bill here, and the money report here. According to the legislative website, it will be presented in Senate Appropriations this afternoon.

I haven’t had a chance yet to read through it all, but many of the teacher assistant cuts appear to be gone. The latest deal strikes the earlier $390M in cuts specifically targeted at teacher assistants, although it adds back another $100 million or so in cuts to general LEA funding.

The budget for K-12 has gone from $7.22 B to $7.46 B, so they’ve added in another $240M total.

The budget's overall new bottom line is $19.68 billion – about halfway between the Senate's $19.4 B proposal and the gov’s $19.9 B plan.

Looks like they've reduced the tax cut package by about $50 million, removing the quarter-percent income tax cut but keeping the exemption for the first $50,000 of business income.  They've also taken back next year's corporate tax money earmarked for school construction for another $72 million.  I'm still looking for the rest of the money.

There must be some other changes, too, since the new bill is substantially shorter than the last version.  As I find them, I'll post here.   

UPDATE: More details here.