Post by Logan on Mar 31, 2016 0:10:10 GMT -6
State government economists further upgraded North Carolina’s revenue picture Wednesday, affirming that Gov. Pat McCrory and the legislature should have a slight surplus this fiscal year and a little more to work with when adjusting the two-year budget later this spring.
McCrory’s budget office and the legislature’s Fiscal Research Division now predict the state will have $237 million more than planned when they drew up a $21.7 billion spending plan for the year ending June 30. That’s higher than a $120 million surplus counted through last December.
Strong individual income tax collections are contributing to the revenue growth and more than canceling out sales tax collections that are weaker than expected, General Assembly staff economist Barry Boardman wrote to legislative leaders.
The two agencies also now agree the revenue upgrade will mean McCrory has $179 million to spend or save when he proposes adjustments to the second year of the approved budget starting July 1. McCrory plans to unveil that proposal in late April, about the time the General Assembly convenes its regular work session.
Read more here: www.charlotteobserver.com/news/state/north-carolina/article69117872.html
McCrory’s budget office and the legislature’s Fiscal Research Division now predict the state will have $237 million more than planned when they drew up a $21.7 billion spending plan for the year ending June 30. That’s higher than a $120 million surplus counted through last December.
Strong individual income tax collections are contributing to the revenue growth and more than canceling out sales tax collections that are weaker than expected, General Assembly staff economist Barry Boardman wrote to legislative leaders.
The two agencies also now agree the revenue upgrade will mean McCrory has $179 million to spend or save when he proposes adjustments to the second year of the approved budget starting July 1. McCrory plans to unveil that proposal in late April, about the time the General Assembly convenes its regular work session.
Read more here: www.charlotteobserver.com/news/state/north-carolina/article69117872.html