North Carolina will collect $425 million more in tax revenue than anticipated for the fiscal year that ended June 30, according to state economists.
The revenue forecast moved $95 million over the figure projected in May, according to Gov. Pat McCrory’s office.
“North Carolina has posted record revenue surpluses driven by strong economic growth, job creation and responsible financial management,” McCrory said in a statement. “At a time when neighboring states are revealing steep revenue deficits, North Carolina’s economy is firing on all cylinders.”
The Office of State Budget and Management and the legislature’s Fiscal Research Division agree on the forecast.
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State budget director Andrew Heath announced the fatter surplus at the Council of State meeting Tuesday morning. McCrory compared North Carolina’s financial position to that of Virginia, which is facing a $266 million budget shortfall.