Trending...
- Jamie Foxx's SKVLK Fest Sets the Record Straight on Stabbing Reports Following Star-Studded Celebration
- Philadelphia-Area Entrepreneur Nouho M Kanneh Builds $37 Million Net Worth Across Real Estate, E-Commerce and Retail
- Andrew Balzano Releases One of My Life's Passions: Classics and Mysteries, a Fan's Guide to Great Mysteries Worth Rewatching
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
- The King Returns: Satirical December 2026 Rematch Sees Challenger Delayed by a Christmas Light Installation
- After Nvidia's 14% Drop, Asheville Artist KayeDinero Releases "Nvidia"
- LCH2 Awarded Additional $1 Million to Advance Lewis County Clean Energy Campus
- Security Planning Tips For Your Holiday Event From Access Patrol Services
- Contracting Resources Group Receives 2026 HIRE Vets Platinum Medallion Award
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
- The Fifth Annual "Bamboo Lantern Festival" to Illuminate Tokyo Mizumachi and Sumida River Walk®
- Apex Wellness Architect Hosts Intimate Tea & Intentions Tea Bar Experience to Close Out the Year
- Iglesia.com Positioned in Multimillion-Dollar Domain Market with $10 Million Asking Price
- Searching for the Next LBE Creator: CalArts Launches First-Ever D.R.E.A.M.S. Pitch Competition
- TCA VG: 2025 Funding Climbs to $9M across 43 Companies; Cumulative Returns Reach 5.3 MOIC & 22% IRR
- Integris Composites Joins International Sea Power Conference Aboard HMS Prince of Wales
- Lake Norman Philharmonic Annual Holiday Concert 2026
- Commercial Sales Launch Following FDA Approval; National Sales Force Now in Action as January Shipments and Major Market Opportunity Take Shape
- ViewDNS.info Launches Monitors, Alerting Teams the Moment Something Changes on Their Domains
- Philadelphia-Area Entrepreneur Nouho M Kanneh Builds $37 Million Net Worth Across Real Estate, E-Commerce and Retail
- Contracting Resources Group Named a 2027 Elev8 GovCon Honoree by OrangeSlices
- The World's No.1 Superstar® Brings Christmas Back in Grand Style with Music, Cinematic Glamour, and Luxury Fashion
- New Six-Figure Media Agreement Builds Powerful Momentum, Expanding Government Contracts, FBI Access and Growing AI Recognition: Cyabra (NAS DAQ: CYAB)
- Christmas Beats Summer in Paris: Travel Photoshoots Peak on Dec. 30
- Qscription Technologies Welcomes Joanna Krause, MD, MRMD to Its Clinical Advisory Board
- Jamie Foxx's SKVLK Fest Sets the Record Straight on Stabbing Reports Following Star-Studded Celebration
- Andrew Balzano Releases One of My Life's Passions: Classics and Mysteries, a Fan's Guide to Great Mysteries Worth Rewatching
- The 4th Annual Newark Summit for Economic Development, Placemaking & Innovation Returns on December 8th
- Romanian Software Company ASSIST Software Ranks Second Nationally Among Large Enterprises in Its Category
- HIRO Ostomy Belt Launch by Richard O'Hamill