AN ACT TO APPROPRIATE FUNDS FOR THE NC PROMISE TUITION PLAN. SL 2020-43. Enacted June 26, 2020. Effective July 1, 2020.
Summary date: Jun 29 2020 - View summary
Summary date: Jun 3 2020 - View summary
Senate committee substitute makes the following changes to the 1st edition.
Modifies the appropriations provisions. Previously, appropriated an unspecified amount of recurring funds from the General Fund to the UNC Board of Governors (UNC BOG) for 2020-21 to be allocated for the NC Promise Tuition Plan. Now, directs the following transfers to the Institutional Programs, UNC BOG budget code by August 15, 2020: (1) directs the Office of State Budget and Management (OSBM) to transfer $10 million in nonrecurring funds from the cash balance of the Education Lottery Reserve Fund; and (2) directs the Department of Public Instruction (DPI) to transfer $5 million in nonrecurring funds from the cash balance of the School Bus Replacement Fund. Appropriates the transferred funds to UNC BOG for 2020-21 for the NC Promise Tuition Plan, as previously specified. Modifies legislative intent stated for future appropriations for 2021-22 through 2024-25 for the purpose of buying down financial obligations at the previously specified institutions, increasing the intended amount of appropriations for the 2021-22 fiscal year from $5 million to $20 million in recurring funds. Maintains the act's general provisions and effective date of July 1, 2020.
Summary date: May 19 2020 - View summary
Appropriates from the General Fund to the UNC Board of Governors an amount sufficient in recurring funds for 2020-21 to be allocated for the NC Promise Tuition Plan. Appropriates departmental receipts for 2020-21 up to the amounts needed to implement the act for 2020-21.
States the NCGA's intent to appropriate from the General Fund to the UNC Board of Governors funds in the specified amounts for 2021-22 through 2024-25 to "buy down" any financial obligations incurred by Elizabeth City State University, UNC-Pembroke, and Western Carolina University for the NC Promise Tuition Plan. States the NCGA's intent for 2024-25 and subsequent fiscal years, that the net appropriation for the "buy down" of any financial obligations incurred by those same universities for the NC Promise Tuition Plan not exceed $81.4 million in recurring funds.
Reenacts the provisions of the State Budget Act, GS Chapter 143C, and incorporates them into this act by reference.
Provides that except where expressly repealed or amended by this act, the provisions of any other legislation enacted during the 2019 Regular Session expressly appropriating funds to an agency, a department, or an institution covered under this act, remain in effect.
Effective July 1, 2020.