Governor McCrory Announces $400 Million Revenue Surplus

RALEIGH, N.C. -- Governor Pat McCrory announced Wednesday very positive news for the state of North Carolina, which includes an estimated revenue surplus of approximately $400 million dollars for the current fiscal year which ends June 30.  Previous consensus budget forecasts predicted a revenue shortfall of $271 million for the fiscal year.

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“This surplus is the result of a growing economy, fiscally responsible budget, and tax reform that’s putting more money in the pockets of North Carolinians,” said Governor McCrory. “With this revised budget forecast, I’m calling for fiscally responsible investments in savings and reserves, and a new round of investments that will provide services to the people of North Carolina and easing the tax burden on senior citizens and job creators.”

Final decisions on the new investments have yet to be made, but the governor will continue on a conservative, fiscally responsible path by investing more money into the state’s savings reserve as well as the repair and renovations reserve.

“We have stated all along that we would get a more complete picture of revenues during the second half of the fiscal year,” State Budget Director Lee Roberts said. “At this point in the fiscal year, with the bulk of tax returns having been filed, we have more confidence in the revenue projections, which is why Governor McCrory decided to make these critical investments.”  

Additionally, the governor will propose reinstating the medical expense tax deduction for seniors as well as targeted salary investments in employees that can deliver the greatest positive impact for North Carolina citizens.  The governor will also budget funds to cover debt service payments of the Connect NC bond investments, should the program pass the General Assembly and be approved by voters.