News

North Carolina Budget Supports Higher Ed, Tech-Based Economic Development

Last week, North Carolina Gov. Mike Easley signed the budget agreement passed by the state’s General Assembly for fiscal years 2006-07. The budget contains many adjustments favoring K-12 and higher education and several allocations for technology-based growth initiatives.

Education received the most attention in the General Assembly’s negotiations. The largest new allocation in the budget is $664.1 million for a 5.5 percent raise among most state workers. Public school teachers will receive an average 8 percent raise, while community college and university faculty will get 6 percent with a one-time 2 percent bonus for community college faculty and staff. The higher ed pay raises, along with $79 million for new professors and staff, are intended to attract high-quality faculty and meet projected enrollment increases at North Carolina universities.

The new budget also invests in research initiatives at state universities. The University of North Carolina at Chapel Hill medical school will use $2.5 million to expand its translational medicine program, which connects basic research with applied pharmaceutical development. Biotechnology programs at North Carolina Central University and North Carolina State University will receive $4.5 million, and the NC Biotechnology Center and its regional offices are getting a $2.5 million budget increase. The new North Carolina Research Campus in Kannapolis will have $6.7 million through UNC and Rowan-Cabarrus Community College Training Center and Greenhouse to fund its first year of operations, and Fayetteville State University will be able to begin capital planning on a new science and technology complex with a $1 million allocation. The budget also provides $20 million for a new competitive grant program for state universities that can be used to attract faculty, purchase equipment and undertake allied health projects.

Economic development programs received some increased financial support. The One NC Fund, started in 1993 to assist companies with the costs of new equipment or repairs, has been expanded through an additional $15 million for the state. That fund’s associated Small Business Innovation Research (SBIR) program has been given $5 million to reimburse entrepreneurs for the costs of preparing SBIR proposals and to match federal awards. The Job Development Investment Grant Program, which provides grants to new and expanding businesses, received funding to continue operations throughout FY 2006-07.

The North Carolina Budget is available at: http://www.ncleg.net/Sessions/2005/Bills/Senate/PDF/S1741v8.pdf

Copyright State Science & Technology Institute 2006. Redistribution to all others interested in tech-based economic development is strongly encouraged. Please cite the State Science & Technology Institute whenever portions are reproduced or redirected.

Posted in:

Sorry, we couldn't find any posts. Please try a different search.

Leave a Comment

You must be logged in to post a comment.