The short superficial answer is at the bottom of the chart here:
Hornet salaries
The ~$32 mil figure needs adjustments: add draft picks who make the team, add FA's who are re-signed & FA's signed from other teams.
The cap was $40.271 mil this past season and it won't change much the next one(could even go down again). My guess is that the Hornet have no cap to spend on FA's. They will like any other team have the MLE however.
The best thing to do is wait for NCBullsFan to get to the Hornet on his new thread on this forum.