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April 2014 Fiscal Research Division General Fund Revenue Report

Posted on Friday, April 11th, 2014 under Budget News, State Budget News

Fiscal Research Division

The North Carolina General Fund Revenue Report for April 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 March are $12.1 million above the revenue target of $14.5 billion.
  • Sales and Corporate Income tax revenue are the main reason collections are on target. Wage and salary income tax withholdings are below target.
  • New tax law changes have made it difficult to time the patterns of base broadening and rate reductions. The most noticeable impact of this timing has been on the personal income tax.
  • April holds the potential for a surprise in collections when volatile sources of income can significantly rise or fall below expectations.
  • A steady, moderate growth pattern is expected to be with us throughout 2014. Most forecasters are not projecting economic growth to accelerate in 2015. 

 General Fund Revenue Report

Posted in Budget News, State Budget News.