As state budget director, I must set the record straight on our revenue picture following the May 27 Point of View “The shame of a never-mind budget” by Rick Glazier of the N.C. Justice Center.
Despite the revenue doom and gloom portrayed by Glazier, North Carolina is projected to finish the year with a sizable revenue surplus of $330 million.
A report by Moody’s recently recognized North Carolina as the leader in state revenue growth totaling 8 percent over the past year. This is evidence that Gov. Pat McCrory’s pro-growth economic policies are strengthening our economy and putting more dollars into the budgets of hard-working families.
Since 2013, North Carolina has added 285,000 jobs. Strong revenues positioned the governor for historic budget investments, including $426 million to boost average teacher pay above $50,000 for the first time in history.
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Glazier’s claim that “unrelenting tax cuts” deprive our state “the revenue needed to invest in the foundations of prosperity” is baseless. Tax reforms have been responsibly enacted using triggers to ensure the state has revenue to fund operations and priorities.
The bottom line is, North Carolina has enacted record tax cuts, and revenues continue to grow.
Andrew T. Heath
Director, Office of State Budget and Management