Trending...
- Rhealize Strategic Talent Advisory Co-Founder Dona Baker to Speak at DisruptHR YEG 15.0 in Edmonton on Hiring Innovation
- UK Financial Ltd Confirms CATEX Exchange Integration of SMPRA and LTNS 1 Ahead of Compliance-Based Trading Activation
- PlanetAI Nature Space (PNS), certificadora Europea, lanza su plataforma EUDR-PNS Ready basada en IA, satélites y trazabilidad blockchain
Economists in the Office of State Budget and Management and the General Assembly's Fiscal Research Division released an updated consensus revenue forecast today anticipating an additional $6.5 billion in state revenues through the next biennium. The revised forecast of $60.4 billion over the upcoming biennium provides a clear look at actual funding availability as legislative leaders and the Governor negotiate budget investments for the next two years. This forecast does not include funds received from the federal American Rescue Plan.
"These new numbers show unprecedented resources are now available to make transformational investments for our state. Even though the Republican Senate bill giving big tax breaks to corporations and the wealthy is bad policy, we have enough money to pass my entire budget plus all those tax breaks with more money still remaining. We must now negotiate a responsible bipartisan budget that addresses everyone's concerns," said Governor Cooper.
More on ncarol.com
The revised June consensus forecast anticipates a total of $60.4 billion for the next biennium, with $29.7 billion in FY 2021-22 and $30.7 billion in FY 2022-23. The combined effect of the upward revisions to the February consensus forecast for the current year and the next biennium adds $6.5 billion to total General Fund availability through FY 2022-23.
The revised forecast was attributed to the economic boost provided by the American Rescue Plan and increased individual and corporate tax collections resulting from the economic recovery. Governor Cooper recommended a responsible spending plan that added $1 billion to the state's Rainy Day fund and cut taxes to lower and middle class families while investing $27.3 billion in 2021-22 and $28.7 billion in 2022-23. The Governor's budget provided funds to ensure a sound basic education for all NC students, increased access to job training and quality health care, and critical infrastructure projects to help communities grow and create good new jobs.
Legislative Republicans have yet to produce a budget proposal despite the end of the fiscal year being just two weeks away, instead squabbling to reach an agreement among Republicans to propose providing more tax breaks for wealthy individuals and corporations and imposing a spending cap that would leave billions of taxpayer dollars on the table instead of reinvesting these funds in North Carolina.
"These new numbers show unprecedented resources are now available to make transformational investments for our state. Even though the Republican Senate bill giving big tax breaks to corporations and the wealthy is bad policy, we have enough money to pass my entire budget plus all those tax breaks with more money still remaining. We must now negotiate a responsible bipartisan budget that addresses everyone's concerns," said Governor Cooper.
More on ncarol.com
- Martin Brossman Highlights Practical AI Strategies for Educators at Eastern NC Future Forum
- Cryptsoft demonstrates Hybrid-PQC Authentication Token use for quantum-safe systems and infrastructure
- Expert Law Attorneys' Top Law Firms to Know: March 2026
- Transform Your Home with G&R Landmark Renovations
- Green Office Partner Strengthens Global Operations with Mexico-Based DigitalVAAR Partnership
The revised June consensus forecast anticipates a total of $60.4 billion for the next biennium, with $29.7 billion in FY 2021-22 and $30.7 billion in FY 2022-23. The combined effect of the upward revisions to the February consensus forecast for the current year and the next biennium adds $6.5 billion to total General Fund availability through FY 2022-23.
The revised forecast was attributed to the economic boost provided by the American Rescue Plan and increased individual and corporate tax collections resulting from the economic recovery. Governor Cooper recommended a responsible spending plan that added $1 billion to the state's Rainy Day fund and cut taxes to lower and middle class families while investing $27.3 billion in 2021-22 and $28.7 billion in 2022-23. The Governor's budget provided funds to ensure a sound basic education for all NC students, increased access to job training and quality health care, and critical infrastructure projects to help communities grow and create good new jobs.
Legislative Republicans have yet to produce a budget proposal despite the end of the fiscal year being just two weeks away, instead squabbling to reach an agreement among Republicans to propose providing more tax breaks for wealthy individuals and corporations and imposing a spending cap that would leave billions of taxpayer dollars on the table instead of reinvesting these funds in North Carolina.
0 Comments
Latest on ncarol.com
- Mac Mountain Selects netElastic vRouter for LightCraft Broadband-as-a-Service Platform
- 88% Revenue Growth; Charging Into the Future with Explosive Growth, Strategic EV Expansion and Infrastructure Dominance Signal a Breakout Opportunity
- Forge Resources Unlocks Major Gold-Copper System in Yukon as Drilling Success and Strategic Assets Fuel High-Impact Growth Story for: $FRGGF
- Game Day Private Jets Launches REVUP Platform to Transform Fan & Donor Travel Into a Revenue Engine for College Athletics
- Heritage at South Brunswick Team Celebrates Major Wins at NJBA Sales and Marketing Awards
- InterMountain Announces the Opening of TownePlace Suites Reno
- Home Builders Association of Durham, Orange & Chatham Counties Awards Local Scholarships
- New from Regal House Publishing, A Woman in Pink, devotion to an addict is a love story gone wrong
- SnapTax Launches AI-Powered Tax Planning Platform for Freelancers and 1099 Workers — Now Free for 90 Days
- MAG Magna Corp Targets Trillion-Dollar Opportunity by Tokenizing Rare Earth Assets Critical to AI, EVs, & Defense: MAG Magna Corp.: Stock Symbol: MGNC
- Congressional Roundtable Exposes Mental Health Crisis: More Spending and Treatment, Worse Results – CCHR Demands Accountability
- Attorney Joseph C. Kreps Files Lawsuit to Stop Alabama State Board of Pharmacy's Unlawful "Revenue-First" Rulemaking
- VDG Virtuoso Continues Building Momentum for Independent Artists in the 910
- NAIDOC Week Australia 2026 | 50 Years Deadly - Celebrates Culture, Resilience, and Global Connection
- Preeclampsia and Hurricane Survivor Gives Birth at the Same Hospital Where Her Father Passed Away
- PlanetAI Nature Space (PNS), certificadora Europea, lanza su plataforma EUDR-PNS Ready basada en IA, satélites y trazabilidad blockchain
- Rhealize Strategic Talent Advisory Co-Founder Dona Baker to Speak at DisruptHR YEG 15.0 in Edmonton on Hiring Innovation
- Instant IP Teams: Bringing Enterprise-Grade Collaboration to IP Protection at the Speed of Thought
- UK Financial Ltd Confirms CATEX Exchange Integration of SMPRA and LTNS 1 Ahead of Compliance-Based Trading Activation
- Ashikaga Flower Park's "Great Wisteria Festival 2026"