Cooper signs bill to increase North Carolina’s reserve fund

RALEIGH, N.C. (AP) – North Carolina Gov. Roy Cooper has signed a bill requiring state lawmakers to set aside money every year for the state’s reserve fund.

Cooper signed the bill Thursday but warned that putting too much into the rainy day fund would reduce the state’s ability to provide tax breaks for the middle class, properly fund schools and attract new jobs.

The Democratic governor called the $1.5 billion fund excessive last year during his campaign.

Republicans responded that Cooper would leave the state without enough money for emergencies such as the flooding and wildfires that hit the state in 2016.

The bill the governor signed requires 15 percent of each year’s estimated growth in tax revenue be set aside for savings. Cooper says his budget plan would save even more.

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