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Cooper Lays Out Pitch For NC Federal Stimulus Spending

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The $5.7 billion proposal includes money for high-speed internet, scholarships, industry relief and even millions for aging NASCAR tracks.
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NORTH CAROLINA North Carolina s $5.7 billion slice of Federal American Rescue Plan stimulus funding is a once-in-a-generation opportunity for the state, Gov. Roy Cooper said Wednesday, outlining a comprehensive spending proposal to use the cash infusion to target areas hardest hit by the pandemic.
These investments must be smart, equitable and effective. We are prioritizing assisting families most impacted by the pandemic, upgrading our infrastructure, preparing our workforce and promoting business development and innovation, Cooper said.
The $1.9 trillion American Rescue Plan stimulus package was signed into law by President Joe Biden in March, and last week, the U.S. Treasury released guidance for allowable uses for the money. States must obligate the funding by Dec. 31, 2024, and must spend i ....

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NC pandemic aid managers fell short on keeping up on $3 billion

Updated: 11:29 PM EDT May 13, 2021
The Associated Press
North Carolina Gov. Roy Cooper’s administration failed to thoroughly monitor how $3.1 billion in federal coronavirus relief funds it oversaw last year were being used, increasing the risk for misuse, a state audit said Thursday.The report from State Auditor Beth Wood’s office focuses on federal funds that the state received toward COVID-19 aid in the spring of 2020. The legislature proceeded to pass laws directing how $3.6 billion should be given to state agencies, education, local governments, hospitals and nonprofits for a host of medical, economic and recovery needs. The Office of State Budget and Management and a new temporary state Pandemic Recovery Office were charged with carrying out the laws, reporting how money was being used and ensuring that the spending followed U.S. Treasury Department rules. But auditors determined that the Pandemic Recovery Office failed to design procedures ....

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Audit: NC pandemic aid managers fell short keeping up on $3B

Audit: NC pandemic aid managers fell short keeping up on $3B
May 13, 2021
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RALEIGH, N.C. (AP) North Carolina Gov. Roy Cooper s administration failed to thoroughly monitor how $3.1 billion in federal coronavirus relief funds it oversaw last year were being used, increasing the risk for misuse, a state audit said Thursday,
The report from State Auditor Beth Wood s office focuses on federal funds that the state received toward COVID-19 aid in the spring of 2020. The legislature proceeded to pass laws directing how $3.6 billion should be given to state agencies, education, local governments, hospitals and nonprofits for a host of medical, economic and recovery needs. ....

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More than $120 million in COVID relief money was returned, auditor finds - Carolina Journal

The federal government sent nearly $4 billion in COVID relief money to North Carolina, but a sizable chunk of it was returned, unwanted, a new report from the state auditor’s office finds.
The report from State Auditor Beth Wood determined North Carolina’s budget office properly distributed the $3.6 billion in COVID relief money allocated by the General Assembly last year. The money was part of the trillions of dollars in relief passed by the U.S. Congress over the course of last year.
But $120.8 million was returned to the state, primarily from state agencies that could not put it to use. ....

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Debt Report Says NC Government Has More Borrowing Capacity

Debt Report Says NC Government Has More Borrowing Capacity
Written by GARY D. ROBERTSON
The North Carolina government’s ability to borrow money while remaining fiscally sound keeps improving despite the economic challenges from the coronavirus, according to an annual report released Tuesday.
The Debt Affordability Study calculates how much additional debt the state can incur and remain within self-imposed limits that the study committee believes will ensure the state retains top scores from credit-rating agencies. The triple-A ratings keep borrowing costs low.
The report projects the state could approve $3.22 billion in bonds this year or $1.46 billion annually for the next five years and remain below an overall debt-to-revenue ratio goal. That compares to debt capacity of $2.04 billion in 2020 in last year’s report, or $1.1 billion annually over five years. ....

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