New Revenue Forecast Projects Additional $6.5 Billion Surplus by 2023 | Eastern North Carolina Now

Press Release:

    RALEIGH: Economists in the Office of State Budget and Management and the General Assembly's Fiscal Research Division released an updated consensus revenue forecast today anticipating an additional $6.5 billion in state revenues through the next biennium. The revised forecast of $60.4 billion over the upcoming biennium provides a clear look at actual funding availability as legislative leaders and the Governor negotiate budget investments for the next two years. This forecast does not include funds received from the federal American Rescue Plan.

    "These new numbers show unprecedented resources are now available to make transformational investments for our state. Even though the Republican Senate bill giving big tax breaks to corporations and the wealthy is bad policy, we have enough money to pass my entire budget plus all those tax breaks with more money still remaining. We must now negotiate a responsible bipartisan budget that addresses everyone's concerns," said Governor Cooper.

    The revised June consensus forecast anticipates a total of $60.4 billion for the next biennium, with $29.7 billion in FY 2021-22 and $30.7 billion in FY 2022–23. The combined effect of the upward revisions to the February consensus forecast for the current year and the next biennium adds $6.5 billion to total General Fund availability through FY 2022–23.

    The revised forecast was attributed to the economic boost provided by the American Rescue Plan and increased individual and corporate tax collections resulting from the economic recovery. Governor Cooper recommended a responsible spending plan that added $1 billion to the state's Rainy Day fund and cut taxes to lower and middle class families while investing $27.3 billion in 2021–22 and $28.7 billion in 2022–23. The Governor's budget provided funds to ensure a sound basic education for all NC students, increased access to job training and quality health care, and critical infrastructure projects to help communities grow and create good new jobs.

    Legislative Republicans have yet to produce a budget proposal despite the end of the fiscal year being just two weeks away, instead squabbling to reach an agreement among Republicans to propose providing more tax breaks for wealthy individuals and corporations and imposing a spending cap that would leave billions of taxpayer dollars on the table instead of reinvesting these funds in North Carolina.


  • Contact: Ford Porter
  •     govpress@nc.gov

Go Back

HbAD0

Latest Bloodless Warfare: Politics

Glenn Beck: 'When the United States government can come after individuals, that's when you know our republic is crumbling.'
Washington, D.C. — Congressman Greg Murphy, M.D. issued the following statement on the latest continuing resolution:
WASHINGTON – Today, as Joe Biden continues his Bankrupting America Tour in North Carolina, Republican National Committee (RNC) Chairwoman Ronna McDaniel released the following statement:
Former President Donald Trump dominated the North Dakota Republican Caucus on Monday as he continues to inch closer to officially securing the party’s presidential nomination.
RALEIGH: Today, Governor Cooper visited a bus facility in Durham to highlight the recent significant federal funding for electric school buses in North Carolina.
The White House unveiled a new term on Thursday for the millions of illegal aliens who have flooded into the U.S. under President Joe Biden, which came just shortly before Biden took a trip to the border for a photo op at a spot that has had few illegal aliens cross.
Washington, D.C. — Congressman Greg Murphy, M.D. issued the following statement after voting in favor of S.J. Res. 38, to overturn the Federal Highway Administration’s rule relating to ‘Waiver of Buy America Requirements for Electric Vehicle Chargers.’
House Homeland Security Committee Chair Mark Green (R-TN) announced this week that he is reversing his decision to retire after receiving calls from former President Donald Trump and others.
Former President Donald Trump slammed President Joe Biden on Saturday after Biden apologized for calling the illegal alien who allegedly murdered a young woman in Georgia an “illegal” during his recent State of the Union speech.

HbAD1

RALEIGH: Lynddahl Telecom America Inc. (LTA), a duct solutions company for fiber optics installations, will create 54 new jobs in Gaston County, Governor Cooper announced today.
Sen. Ted Cruz (R-TX) said this week that the media and Democrat politicians are doing everything they can to hide the fact that the man who is accused of murdering a Georgia college student last week is an illegal alien
Illegal immigrants 'effectively left in legal limbo without any way to pursue asylum,' says non-partisan data analytics group
Former President Donald Trump called on 81-year-old President Joe Biden to take a cognitive exam Thursday morning, just hours after the commander-in-chief’s doctor said he was “fit to serve” following his annual physical exam.
RALEIGH: Today, Governor Cooper joined Centers for Medicare and Medicaid Services Administrator Chiquita Brooks-LaSure to highlight the positive impacts of Medicaid expansion in North Carolina and record Affordable Care Act enrollment numbers.
Sen. Katie Britt (R-AL) tore into President Joe Biden during an interview over the weekend for creating the catastrophe on the U.S. southern border.
Speaking at the White House on Wednesday on his “actions to fight crime and make our communities safer,” President Joe Biden boasted, “we beat the NRA,” adding, “We’re going to finish the job.”

HbAD2

Vice President Kamala Harris sparked outrage this week when she revealed that the Biden administration will be paying college students to register people to vote and to work at polls.
While we did not get all we wanted, we accomplished our first goal. That is to have a positive impact on the conservative cause.
This week, the North Carolina denied Board of Elections considered a challenge to former President Donald Trump’s ability to be on the ballot in the 2024 election.
Former President Donald Trump won Michigan’s Republican Party presidential primary on Tuesday night, beating former U.N. Ambassador Nikki Haley by more than 30 points.
The Democrat Party remains fractured under Joe Biden. In recent days, the embarrassments of Super Tuesday have continued.
Federal EPA funds from the Biden Administration will put new electric school buses on the road in NC
RALEIGH: Governor Cooper today commuted the sentence of one person in a North Carolina prison and granted pardons of forgiveness to four others.
Americans For Prosperity Action, a large conservative group supporting former U.N. Ambassador Nikki Haley’s bid for president, has announced that it will no longer spend money to help her following her fourth straight loss.

HbAD3

 
Back to Top