North Carolina government revenues see another upward tick
Aug. 17, 2018
RALEIGH, N.C. (AP) — North Carolina state government got another revenue bump in the final weeks of the most recent fiscal year, money that should further ease budget pressures in the current year.
The General Assembly's fiscal agency reported this week that taxes and other revenues for the year ending June 30 were $440 million higher than originally anticipated to carry out the state's $23 billion budget. A surplus already had been projected in May, but it grew another $80 million beyond expectations.
The overcollections marked the fourth annual revenue surplus in a row. The latest surplus means lawmakers can plan better for more necessary spending this year. The Republican-controlled legislature has already set aside well over $2 billion in reserves and unspent funds in case of weather disasters or an economic downturn.