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Good news for N.C. tax collections, but shortfall possible in '07 |
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Oct 18, 2006 - North Carolina's tax collections continue to outpace projections after generating a record surplus last year, but critics warned Wednesday the state may still have a revenue shortfall for the coming budget year. Enduring growth in corporate tax receipts helped North Carolina collect $85 million to $90 million more than expected though the fiscal quarter that ended Sept. 30, according to legislative fiscal analysts. That's 2 percent more than the General Assembly projected in July when it approved an $18.9 billion budget for the year. It's also slightly higher than first quarter surpluses from the past two years. "I'm tickled that we ... have some good news," said Rep. Jim Crawford, D-Granville, one of the chief budget-writers in the House. Tax coffers collected $1.06 billion more than expected for the fiscal year that ended June 30. When combined with money unused by state agencies or unallocated by budget-writers, the state had roughly $2 billion extra to use toward the 2006-07 budget. Fiscal researchers say a nationwide economic slowdown probably will temper income and sales tax growth and real-estate related revenues for the remainder of the year. By Gary D Robertson
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