North Carolina Ordinance Adopting the Budget
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FAQ
That depends on who you ask. Some economists say a balanced budget is necessary because it helps to protect future generations from untenable taxes and helps to keep interest rates low. It also keeps the economy growing. Opponents, though, say that to reduce the deficit, taxes would need to be raised.
North Carolina operates on a biennium budget, meaning that each budget covers two fiscal years. ingly, the budget passed last week provides state funds for 2023-24 and 2024-25. The compromise budget document was finally made public last Wednesday afternoon, nearly three months after the new fiscal year started.
North Carolina uses a biennial budget. The legislature must pass a balanced budget and is prohibited from carrying a deficit over into the following year.
The state operates on a biennial budget, which means our state budget covers two fiscal years. Adjustments can be made to the budget for the second year.
North Carolina operates under a biennial (two-year) budget, beginning on July 1 of each odd-numbered year, with annual updates to the second year of the enacted budget. The sessions of the General Assembly in odd-numbered years are known as long sessions.
Local Government Finance § 159-30. Investment of idle funds. (a) A local government or public authority may deposit at interest or invest all or part of the cash balance of any fund.
Pursuant to State law, the manager (as budget officer) is required to submit a balanced budget unless specific action is taken by the Board authorizing presentation of an unbalanced budget[NCGS159-11(c)].
§ 159-15. Amendments to the budget ordinance. Except as otherwise restricted by law, the governing board may amend the budget ordinance at any time after the ordinance's adoption in any manner, so long as the ordinance, as amended, continues to satisfy the requirements of G.S. 159-8 and 159-13.
Unbalanced budget is one where the government's estimated receipts are not equal to the proposed expenditure for a given period. Unbalanced budget may be a surplus or deficit budget. When public are greater than the public expenditure, it is called surplus budget.
§ 159-8. Annual balanced budget ordinance. (a) Each local government and public authority shall operate under an annual balanced budget ordinance adopted and administered in ance with this Article.