ALLOW CONSTITUENT INSTITUTIONS OF THE UNIVERSITY OF NORTH CAROLINA TO CARRY FORWARD SEVENTY PERCENT OF THE INSTITUTIONS REALIZED SAVINGS IN THE OPERATION AND MAINTENANCE OF PLANT AND TO USE THOSE FUNDS FOR NONRECURRING CAPITAL AND OPERATING EXPENSES; AND TO ALLOW EACH COMMUNITY COLLEGE TO RETAIN UP TO TWO PERCENT OF THE COLLEGE’S CURRENT OPERATIONS CREDIT BALANCE AND TO USE THOSE FUNDS FOR NONRECURRING EXPENDITURES THAT WILL NOT IMPOSE ADDITIONAL FINANCIAL OBLIGATIONS ON THE STATE.
Enacts new GS 116-30.3C to authorize the constituent institutions of the University of North Carolina to carry forward realized savings as the title indicates. Provides that the General Fund realized savings are not to be used as a basis for reducing appropriations to the Board of Governors on behalf of any constituent institution.
Enacts new GS 115D-31.4 to authorize each community college to carry forward 2% of its current operations credit balance as the title indicates.
Effective July 1, 2012.
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