Recent Budgets Produce Record Savings and Surplus Instead of Deficits and Debt

Raleigh, N.C. – Recent state budgets passed by the North Carolina General Assembly have put the state on solid financial footing according to the latest study from the National Association of State Budget Officers (NASBO).

The study notes that 33 states faced budget shortfalls in 2017, while twenty three made midyear budget reductions to deal with revenue collections that did not meet projections.

North Carolina, by contrast, has reported more than $600 million in budget surpluses and builds a record savings reserve of more than $1.8 billion in its latest state budget.

The state budgets approved by the North Carolina General Assembly leading up to the NASBO report have consistently included tax relief for businesses and families, as well as responsible spending levels that focused increased investments in education.

North Carolina also paid more than $2 billion in debt back to the federal government since Republicans gained control of the General Assembly.

“North Carolina has maintained a steady commitment to tax relief, smart spending and debt reduction in our budget process to encourage economic growth and give citizens confidence that our state is in solid financial shape,”  said House Speaker Tim Moore.

“The results speak for themselves when you compare last decade to this decade- North Carolina now has budget surpluses where we had deficits, we have billions in savings reserves instead of state debt, and citizens pay much lower taxes thanks to a successful approach that focuses on people’s priorities.”