RALEIGH, NC (AP) — North Carolina state government revenues remain slightly ahead of projections during this fiscal year, but the Legislature’s top economist warns that slow employment and potential recessions in other countries could drag collections down.
Barry Boardman with the General Assembly’s Fiscal Research Division told lawmakers Tuesday revenues for the state’s operating fund were $145 million above the $11 billion expected through Jan. 31 – the first seven months of the fiscal year.
Boardman told an oversight committee that economic data for several months show the economy is gaining strength. Increased personal income taxes and corporate taxes are contributing to the state’s higher collections. Boardman says continued higher gas and food prices could cut into sales tax collections.
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