N Carolina revenues slightly behind target through September
RALEIGH, N.C. (AP) — North Carolina tax collections are trailing slightly what legislators anticipated when forming the state budget last summer.
A General Assembly staff report says taxes, fees and other revenues are $62 million short of the revenue target though the first quarter of the fiscal year ending Sept. 30, or roughly 1 percent. Lower-than-expected sales and corporate income taxes are among the reasons.
The first quarter is usually the least important when projecting annual revenues. Staff economist Barry Boardman writes that stable growth that outpaces the national rate is still expected for the state’s economy.
State revenues have ended in the black the past three years. Boardman says the final surplus last year was $494 million. That’s 15 percent lower than previously announced because of sales tax refunds and corporate tax settlements.