High Point Market Authority Preparing For Cuts

Posted by MCC on July 26th, 2009 at 10:22am

At a recent board meeting, the High Point Market Authority officials reported that they may be facing a large drop in funding from the state due to all of the cuts in the state budget. The state hasn’t passed a budget yet and has been operating under a stop gap funding ever since it’s fiscal year ended on June 30.

North Carolina is facing some very deep cuts in it’s state budget as it’s working to try to close a budget shortfall of $4 billion. Last year, the Market Authority’s budget was $5.2 billion, much of which comes from the state. But, it also gets funding from various other sources such as a showroom tax.

The markets funding for transportation may be cut by as much as $300,000 which comes from the North Carolina Department of Transportation and is used to pay for things like shuttle service. And, it’s expecting a decrease of around 40 percent from the state.

While the Market Authority won’t know the exact extent of the cuts until a state budget is passed, they’re already looking for ways to makes cuts in their own budget. Among other things they’re looking for ways to make transportation routes more efficient.

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