Governor McCrory Announces $237 Million Projected Revenue Surplus
Governor Pat McCrory announced today that FY 2015-16 revenues are projected to finish $237 million above initial budget projections.
“This projected surplus is the result of historic tax reform, innovative job creation policies and a tight rein on government spending,” said Governor McCrory. “My upcoming budget will build on our strategic investments in education, public safety and fulfilling our promise to help those who can’t help themselves while encouraging those who can.”
The Fiscal Research Division and the Office of State Budget and Management have revised the FY 2016-17 revenue forecast upward by $179 million and project $237 million in over collections for the current fiscal year.
The primary driver of the upward revisions is better than expected growth in personal income tax revenues, predominately due to higher than expected wage growth and business profits.
The revised consensus forecast serves as the revenue basis for Governor McCrory’s recommended budget, which will be released in late April.