NC S569

Directs overrealized receipts from community college tuition and fees to an Enrollment Growth Reserve rather than an Equipment Reserve Fund, with funds remaining available until expended.

Allows the State Board of Community Colleges to allocate Enrollment Growth Reserve funds to colleges experiencing enrollment increases greater than 5% of budgeted enrollment levels.

Permits each college to retain and carry forward up to 2% of its final fiscal year General Fund appropriations for equipment purchases, program start-up costs including first-year faculty salaries, and one-time faculty and staff bonuses.

Prohibits carried-forward funds from being used for continuing salary increases or obligations beyond the fiscal year into which they were carried forward, and requires encumbrance within 12 months.

Effective July 1, 2011.