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January 2014 Fiscal Research Division General Fund Revenue Report

Posted on Friday, January 17th, 2014 under State Budget News

Fiscal Research Division

The North Carolina General Fund Revenue Report for January 2014 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 through December are $83.5 million above the revenue target of $10.0 billion for the first-half of the fiscal year.
  • Corporate income tax revenue is the main reason collections are ahead of target. Continued signs of weakness in wage and salary income tax withholding may be a cause for some concern. 
  • A steady, moderate growth pattern emerged in 2013 and is expected to be with us throughout the fiscal year. In 2014, most economic forecasts anticipate an improving economy with growth slightly below average. 
  • Employment growth, while showing signs of improving, has yet to advance like other parts of the economy. Developing strength in the national economy, as well as the global economy, should help the employment picture this year. 

General Fund Revenue Report

News: NC gets $84M more than expected through December 


Posted in State Budget News.