RALEIGH, N.C. (AP) — North Carolina’s government should collect higher revenues during this fiscal year and next than what is projected in the current two-year state budget, according to a new forecast released Wednesday.
Economists for the General Assembly and Gov. Roy Cooper’s state budget office now predict collections will exceed revenue budgeted for the year ending June 30 by $413 million, or a 1.2% increase. And state coffers will bring in $1 billion more in the fiscal year starting July 1 than what was anticipated, or a 3% increase.
The budget law enacted by the Republican-controlled General Assembly had planned for a slight decline in revenue from this fiscal year to the next, in part due to tax cuts.
A legislative staff economist’s email to lawmakers attributes the upgrade to stronger than anticipated individual income tax collections and modestly higher sales tax collections. The memo cites low unemployment, wage growth, additional consumer spending and rising prices.
Charlie Hanson's auction house is broken into as it prepared to sell Star Wars memorabilia
Biden administration moves to make conservation an equal to industry on US lands
Police in Georgia use tear gas, water cannons to disperse protest against so
4/20 grew from humble roots to marijuana's high holiday
How bad did Dylan Strome want to make the NHL playoffs? Ask his brothers
ALISON BOSHOFF: Robert Downey Jr's got his Oscar
North Carolina bill compelling sheriffs to aid ICE advances as first major bill this year
Staff and shoppers return to 'somber' Sydney shopping mall 6 days after mass stabbings
Kentucky man on death row for killing 3 children and raping their mother has died
Sanctions won't work on solving Russia