The state collected $191 million more in tax revenue than expected through the first third of the fiscal year, driven by more jobs and higher pay, according to the governor’s office.
The surplus follows $425 million received beyond what was projected for the fiscal year that ended June 30. General Fund revenue for October was $46.3 million, according to the latest figures.
Higher than anticipated growth in personal income and franchise tax revenues attributed to higher than expected wage growth and business profits are the primary drivers, the office reported Wednesday.
“At a time when neighboring states ended the fiscal year with steep revenue deficits, our continued economic growth, job creation and responsible financial management have helped North Carolina post another revenue surplus,” Gov. Pat McCrory said in a statement announcing the surplus. “In an environment of historic tax cuts to the tune of $4.7 billion, revenues coming into the state continue to increase.”