Current:Home > reviewsNorth Carolina sees slight surplus this year, $1B more next year -消息
North Carolina sees slight surplus this year, $1B more next year
View
Date:2025-04-13 20:27:03
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.
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.
Still, Senate Majority Leader Paul Newton of Cabarrus County said Wednesday the report “is a reaffirmation that the GOP is leading our state in the right direction, balancing all the needs of residents, of educators, of job creators, of people that want to move somewhere they can achieve more — they’re coming to North Carolina.”
The news gives legislators more wiggle room to address financial needs as the General Assembly returns starting next week for this year’s chief work session.
The legislature’s primary job during the “short” session in even-numbered years is to adjust the second year of the two-year budget. Lawmakers already are being asked to address an upcoming loss of federal funds for child care and to fund more scholarships for K-12 students to attend private schools.
Cooper, a Democrat barred by term limits from running again this year, will propose his own budget adjustments. The governor has cited clean energy and biotechnology job investments and national accolades as evidence that his policies are benefiting the economy.
Cooper allowed the current two-year budget to become law without his signature, turning away from all he disliked within it because the proposal finalized the Medicaid expansion he had sought for years. Some budget provisions speed up individual income tax cuts.
veryGood! (47857)
Related
- Finally, good retirement news! Southwest pilots' plan is a bright spot, experts say
- Our credit card debt threatens to swamp our savings. Here's how to deal with both
- Have you ever been called someone's 'moot'? The social media slang's meaning, unpacked
- Kamilla Cardoso embarrasses South Carolina but sting will be fleeting
- A South Texas lawmaker’s 15
- Kate Middleton's New Picture Pulled From Photo Agencies for Being Manipulated
- Billie Eilish, Ramy Youssef wear red pins for Israel-Gaza ceasefire on Oscars red carpet
- Mac Jones trade details: Patriots, Jaguars strike deal for quarterback
- Woman dies after Singapore family of 3 gets into accident in Taiwan
- This Is the single worst reason to claim Social Security early
Ranking
- What do we know about the mysterious drones reported flying over New Jersey?
- NFL free agency QB rankings 2024: The best available from Kirk Cousins to Joe Flacco
- Kate Middleton Breaks Silence on Edited Family Photo Controversy
- Best dressed at the Oscars 2024: Lupita Nyong'o, America Ferrera, Zendaya, more dazzling fashion looks
- What do we know about the mysterious drones reported flying over New Jersey?
- Jimmy Kimmel and Molly McNearney on preparing for Oscar's big night
- Jessica Alba and Cash Warren's 2024 Oscars Party Date Night Is Sweeter Than Honey
- Kate Middleton's New Picture Pulled From Photo Agencies for Being Manipulated
Recommendation
Nearly 400 USAID contract employees laid off in wake of Trump's 'stop work' order
Jimmy Kimmel fires back after Trump slams 'boring' Oscars: 'Isn't it past your jail time?'
Sen. Bernie Sanders: No more money to Netanyahu's war machine to kill Palestinian children
Baker Mayfield re-signs with Buccaneers on three-year deal
Rams vs. 49ers highlights: LA wins rainy defensive struggle in key divisional game
Grabbing Russell Wilson instead of Justin Fields could be costly QB mistake for Steelers
Most teens report feeling happy or peaceful when they go without smartphones, Pew survey finds
Biggest moments from the 2024 Oscars, from Emma Stone's surprise win to naked John Cena