House Speaker Tim Moore responded Tuesday to consensus revenue forecasts released by North Carolina’s nonpartisan budget agencies.
Today the Consensus Revised Revenue Forecast was presented to the Joint Full Chairs Appropriations/ Finance.
Analysts for both the General Assembly’s nonpartisan Fiscal Research Division and the Office of State Budget and Management predicted expect an estimated $6.04 billion in overcollections when compared to the May 2020 forecast, with total GF revenue up 13.6%, individual income tax is up to 12.6%, and sales and use tax is up 14.5% with corporate and franchise tax up 35.4%.
Expected growth over the biennium is estimated at 8% with FY 2021-22 shift-adjusted growth expected to be 4.5% and FY 2022-23 growth 3.4%.
The forecast projected a new $2.354 billion in recurring funds over the February revenue forecast for next year and $2.245 billion for FY 2022-23 compared to the February revenue forecast.
House Speaker Tim Moore (R-Cleveland) said in a statement:
“There is no question that the strength of North Carolina’s economic outlook is proof that Republican policies work, and it is no coincidence that our state is the number two destination for Americans fleeing other states with bleak economic outlooks. North Carolina’s overall fiscal policy has set the stage for a commitment to conservative tax policies and we will continue to work collaboratively with the Governor and the Senate to keep our state on an upward trajectory of economic growth.”