NC Officials: Gov't Surplus Became Even Larger Than Planned

North Carolina’s tax windfall for the last fiscal year turned out even larger than the bonanza that state government economists predicted would arrive. The Office of State Budget and Management reports that the state collected $29.7 billion in revenues during the year that ended June 30. That’s $190 million more than the consensus forecast reached in mid-June with General Assembly analysts. That June forecast had already bumped up the anticipated collections by a massive $1.9 billion. That massive jump was attributed to a resurgent post-pandemic economy. This all means means North Carolina took in 24% more revenues compared to the year before.