The North Carolina House last night unveiled its revisions to the second year of the state’s two-year budget. Highlights include:
- Total spending is $22.225 billion – an increase of 2.3 percent over the current fiscal year budget
- Teacher salaries would see an average increase of 4.1 percent, helping move toward the goal of average teacher pay of $50k
- The bulk of the salary increases are focused on teachers with 10 to 14 years experience, with a 5% boost
- Teachers with less than five years experience would receive a $1,000 bonus; teachers with more than 25 years experience would get the $1k bonus along with a 2% raise
- Teachers with five to nine years would get 4.1 percent, teachers with 15-19 years would get 3.4 percent, and teachers with 20-24 years would get 3.2 percent
- Other state employees would receive a 2% pay raise along with a one-time $500 bonus
- The standard deduction for state income taxes would increase by $2,000 over four years – for instance from $15,500 for married filing jointly to $17,500
- $300 million would be added to the state’s Rainy Day Fund, which would bring the total to $1.4 billion
To read the entire budget bill, click here.
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