Bringing The World Home To You

© 2021 WUNC North Carolina Public Radio
120 Friday Center Dr
Chapel Hill, NC 27517
919.445.9150 | 800.962.9862
91.5 Chapel Hill 88.9 Manteo 90.9 Rocky Mount 91.1 Welcome 91.9 Fayetteville 90.5 Buxton
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations
Politics

Governor Borrows $500 Million For Tax Refunds

Governor Bev Perdue plans to borrow five hundred million dollars from several state accounts to help pay tax refunds.

Governor Perdue says there's not enough money in the state's rainy day fund to cover the cost of all the tax refunds the state has begun to process. But she says there is enough money in about a dozen other funds that she can use.

"We have gone to existing pots of money and are doing interfund transfers to allow us to have a corpus to make these tax refunds on overpayments timely, the 30 to 45 days. and if you do it with these interfund transfers, you're not paying your bills, you're getting people the money that they're owned."

The Democratic governor says the money will be repaid with interest before July first. But Republicans criticize the governor for using money they wanted her to dip into to help ease a looming budget shortfall.

More Stories