RALEIGH, N.C. — North Carolina's state government revenues remain slightly above projections used in forming this year's budget after the all-important April tax collections arrived.
Barry Boardman said the revenue surplus is the result of improved income tax withholding amounts from paychecks.
The General Assembly's top staff economist told legislative leaders Tuesday to expect $233 million more than was originally expected for the year ending June 30, with slight changes possible. Barry Boardman said the revenue surplus is the result of improved income tax withholding amounts from paychecks. The amount remains barely 1 percent above this year's $19.7 billion budget.
Boardman said the executive branch agrees with this revenue picture.
Additional funds could be used to close a Medicaid shortfall this year and carried over to next year to handle other needs. The Legislature returns in two weeks to adjust the second year of the two-year budget approved last year.