Raleigh, N.C. – State General Assembly leaders responded Friday to consensus revenue forecasts released by North Carolina’s nonpartisan budget agencies.
Analysts for both the General Assembly’s nonpartisan Fiscal Research Division and the Office of State Budget and Management predicted a total net drop in expected collections of $5 billion for the current budget biennium.
The figure includes an expected $4.2 billion drop, or 8.2%, in General Fund revenues plus an expected $774 million drop, or 9.7%, in the Highway Fund and Highway Trust Fund.
Senate Leader Phil Berger (R-Rockingham) and Speaker Tim Moore (R-Cleveland) released a joint statement:
“We continue to work collaboratively with the Governor on fiscal responses to this crisis, just as we did earlier this month with a consensus $1.6 billion COVID relief appropriation. We look forward to receiving the Governor’s budget recommendations as soon as possible to move forward with a plan of action,” Speaker Moore and Senator Berger said Friday.