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Expanded Funds for TBED in North Carolina FY 2008-09 Budget Adjustment

May 14, 2008
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Operating with a $152 million surplus for the current fiscal year, Gov. Mike Easley unveiled his recommended budget adjustments for FY 2008-09 earlier this week, providing additional funding for university projects and expanding TBED initiatives. North Carolina is one of a shrinking number of states to still project black ink for its next fiscal year.
 
Lawmakers approved the FY 2007-09 biennial budget last July, allocating $20.7 billion each fiscal year and making appropriations for fiscal year 2008 (see the Aug. 1, 2007 issue of the Digest). The proposed $21.5 billion budget for FY 2008-09 includes reductions, expansions and adjustments among state agencies, reflecting $396 million in general fund budget cuts and tax increases for alcohol and cigarettes. Appropriations recommended by the governor for the Department of Commerce include:

  • $5 million in additional funding for the Small Business Innovation Research (SBIR) and Small Business Technology Transfer Research (STTR) matching program ($200,000 increase over last fiscal year);
  • $4 million for the North Carolina Biotechnology Center, including $2.5 million to help expand its existing building and $1.5 million in additional funds to enhance the Biotechnology loan program for pre-venture start-up companies; and,
  • $1 million in additional funding for the North Carolina Green Business Fund, which was established during the 2007 session to provide grants to private businesses to encourage the growth of a green economy.

Gov. Easley’s budget recommendation provides a 4.1 percent increase over FY 2007-08 for the University of North Carolina. Continuing the state’s efforts to build a nationally ranked top 10 bioengineering program, the governor recommends $2 million for new faculty in bioengineering and other areas in the North Carolina State University College of Engineering. Additionally, the governor recommends a recurring $6 million appropriation to ensure broadband connectivity within public schools.
 
Gov. Easley’s FY 2008-09 recommended budget adjustments are available at: http://www.osbm.state.nc.us/files/pdf_files/2008-2009_adjustments.pdf

North Carolinastate budget