RALEIGH, N.C.  – North Carolina’s treasurer is close to getting the freedom she wants to invest the state pension fund in nontraditional ways including timberland and commodities.

The House voted 64-50 on Thursday to expand the kinds of investments allowed for the retirement funds covering 820,000 state and local government employees, teachers, emergency responders and retirees.

State Treasurer Janet Cowell said she needs the authority to move into new vehicles like mortgage-backed securities and exchange-traded funds or else miss her target of returning annual investment profits of 7.25 percent. Failing to hit that target could force lawmakers to pump more than $1 billion into the pension funds in the next five years to keep them fully funded.

RALEIGH – The state has launched www.NCRecovery.gov, a guide to services of the newly created Office of Economic Recovery & Investment, Gov. Bev Perdue said Friday.  The Web site will let visitors track federal recovery funds in North Carolina, as well as learn about local contract and grant opportunities.

“I am committed to providing the people of North Carolina with a simple-to-navigate guide that is efficient, transparent and accountable,” Perdue said in a press release. “I want the people of North Carolina to understand exactly how the money will be used to put North Carolina back to work.”

The Web site will serve as a resource on the American Recovery and Reinvestment Act, its impact on North Carolina and information about the state Office of Economic Recovery and Investment.

In the upcoming weeks, visitors will be able to track stimulus money as it is spent, suggest projects for funding and learn how to apply for contracts and grants that may be available.

On Feb. 17, Gov. Perdue announced the creation of the Office of Economic Recovery & Investment to coordinate and track North Carolina’s handling of federal stimulus funds.  Perdue named Dempsey Benton, former secretary of the North Carolina Department of Health and Human Services, to lead the office.

The federal recovery package provides approximately $6.1 billion in direct aid to North Carolina to create jobs, and to rebuild and expand the state’s critical infrastructure. It also provides for targeted federal tax cuts, additional grants from federal agencies and direct funding to local governments for specific federal programs in North Carolina.

A new Office of Economic Recovery & Investment will coordinate and track North Carolina’s handling of federal stimulus funds as well as state-level economic recovery initiatives, Gov. Bev Perdue said Tuesday.

Perdue named Dempsey Benton, former secretary of the state Health and Human Services Department, to lead the office and provide accountability for use of the recovery dollars.

“This money and these programs must be put to use quickly and effectively to create jobs, provide important services and get our economy moving again,” Perdue said in a press release. ”Dempsey Benton brings the skill and experience to oversee this important effort. He will bring the transparency and accountability to this office that our citizens expect.”

The federal stimulus package, expected to be signed into law Tuesday by President Barack Obama, provides about $6.1 billion in direct aid to North Carolina to create jobs and rebuild and expand the state’s critical infrastructure, including highways and schools.

The recovery program is also expected to inject additional money into the state through targeted tax cuts, additional grants from federal agencies and direct funding for specific federal programs in the state.

Perdue said the office is temporary and will be assisted by staff in the governor’s office and representatives from the various state agencies.

Benton said the stimulus package will make a difference in North Carolina.

“I will do all I can to make sure our government works to see them through these troubled times and that citizens know their tax dollars are properly spent,” he said in a press release.

The Governor’s Economic Recovery and Investment Office will:

• Track all federal dollars flowing into state and local governments as well as to private businesses and non-profit organizations.
• Maximize the state’s use of available federal stimulus funds.
• Identify the most rapid ways to move the stimulus money into the economy and remove regulatory and other impediments.
• Establish open and effective lines of communication with federal and state agencies, local governments and North Carolina’s Congressional delegation to assist in efforts to effectively and rapidly use the federal stimulus funds.
• Develop a communications network, using a variety of tools including the Internet, to keep the public informed about the status and progress of the recovery effort, along with funding opportunities.
• Report to the General Assembly and the citizens on a regular basis about the status of the use of the stimulus funds, including federal, state and other non-federal money.
• Measure progress of the recovery effort by tracking the state’s economic condition.

Benton, 63, served as secretary of the state Department of Health and Human Services from August 2007 to January 2009.

Before that he was chief deputy secretary of the state Environment and Natural Resources Department from 2001 until January 2007.

Benton helped lead the special Hazardous Materials Task Force created following the October 2006 fire at the EQ warehouse in Apex. Prior to joining state government Benton served as Raleigh city manager from 1983 to 2000 and as the city’s assistant manager from 1974 to 1983. Before moving to Raleigh, he served as city manager in Elizabeth City and finance director in Rocky Mount.