The latest General Fund monthly report produced by the Office of the State Controller reveals data reflecting a healthy and growing state economy.
Totaling state revenues for the current fiscal year to date (July 1 2019 thru end of Jan. 2020), we find the following:
- General Fund revenue is $342.5 million above the revenue target for the fiscal year, putting the state budget on pace for another significant surplus
- Total revenue is up by $608.5 million, or 4.5%, compared to the same time frame last year
- Tax revenues are up by $571 million, or 4.4%
- Personal income tax collections are up by 3.2%, corporate taxes by 3.9% and sales taxes by 6.5%
Since the historic state tax reforms in 2013, critics have been warning of massive budget deficits as a result of tax cuts. Instead, we’ve seen five straight years of major budget surpluses, on our way to a sixth, buoyed by greater-than-expected economic growth.
North Carolinians have benefited from a decade of economic success spurred by conservative fiscal policies. Civitas hopes to continue that positive momentum into the future, to learn more about how we can please visit ABetterCarolina.com.