A new North Carolina forecast from the General Assembly and Gov. Roy Cooper’s administration expects revenues during this fiscal year and next to be higher than what's projected in the current state budget. The consensus forecast now says collections will exceed revenue budgeted for this year by $413 million and for next year by $1 billion.
RALEIGH, N.C. — 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.
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. The new forecast now expects $34.14 billion in state operating revenues this fiscal year and $34.37 billion next year. The legislative economist warned that April 15 income tax collections can be difficult to predict and that a revised forecast was possible after detailed numbers are received in early May.
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