North Carolina sees slight surplus this year, $1B more next year
Associated PressRALEIGH, N.C. — 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. 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. 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. 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.