RALEIGH, N.C. (AP) — North Carolina officials say state tax collections will smash projections used to help fashion the first year of the current two-year state budget.
Economists at the legislature and Gov. Roy Cooper’s budget office now believe state coffers should take in $4.24 billion more in the fiscal year ending June 30 than predicted last June.
That’s a nearly 15% increase.
A memo released Monday by the General Assembly’s fiscal division also says the state should anticipate collecting almost $2 billion more in the next fiscal year. These numbers will inform Republican budget-writers and Cooper when they consider budget changes.
The General Assembly session begins next week.