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October 2013 Fiscal Research Division General Fund Revenue Report and Economic Outlook

Posted on Wednesday, October 23rd, 2013 under State Budget News

Fiscal Research Division

The North Carolina General Fund Revenue Report and Economic Outlook for October 2013 developed by the Fiscal Research Division of the General Assembly can be seen here. This report is an update provided by the General Assembly’s Fiscal Research Division that summarizes revenue for the current fiscal year and outlines the risks to revenue receipts for the current year. 

The following is an excerpt from the report:

  • General Fund collections for the first quarter of the current fiscal year are $79 million or 1.6 percent above the revenue target.
  • The first quarter provided mixed results. Personal Income tax withholding on wages was below target. Sales tax collections and Corporate Income tax payments, on the other hand, are running ahead of target.
  • Some employment numbers have been slow to improve; however, the State’s improvement in employment is tracking slightly above the average pace when compared with the amount of employment lost during the recession.
  • The economy continues to strengthen, yet the pace of growth remains below average. The slow growth pattern makes us more susceptible to economic and policy shocks and places the risk to the forecast at a higher level. 

General Fund Revenue Report & Economic Outlook

 

Posted in State Budget News.