North Carolina revenues not far off midpoint target
RALEIGH, N.C. (AP) — North Carolina government revenues halfway through the fiscal year are basically in line with what lawmakers projected was needed to implement the state budget passed last summer.
The General Assembly’s top staff economist wrote Monday that taxes, fees and other revenues through Dec. 31 were $43 million short of the nearly $11 billion expected.
Barry Boardman called the shortfall modest and slightly improved from a first-quarter gap of $51 million. His memo said income taxes and sales taxes are nearly or slightly below targets, while franchise taxes are above.
The second half of the year is usually more volatile than the first six months. Boardman says employment growth is a good sign for the rest of the year but wage growth must pick up to meet the final revenue target.