Trending...
- North Carolina Author Carrie Sybert Celebrates Three Published Books - 149
- Nious Media Expands Independent Entertainment Network Through Gaming, Music and Digital Storytelling - 139
- Unlocking the Next Phase of Growth with New AI Innovations; Targeting 2027 as Breakeven; Revenue Momentum Accelerates: ZenaTech (N A S D A Q: ZENA)
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
- Pursant Founder Mark Herbick Joins STS Capital Partners as CEO
- Tampa Holiday Sessions: Captured by Mallary Opens 2026 Christmas Minis With Two New Sets
- Tampa Web Design Launches New Website for Entrepreneur and Capital Markets Advisor Martin Sumichrast
- Miami Dade College and World Affairs Council of Miami announce Navarro-Cabrera scholarship
- Nious Media Releases Debbie Bishop Interview on AI, Creativity, and Entertainment
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
- Heritage at Manalapan Announces New 3.875% First-Year Mortgage Rate Buydown (7.11 APR)
- AthleteMerch.com Surpasses 100,000 Custom Items Delivered to Fans Nationwide
- Steve Weclew is Appointed by STS Capital Partners as Managing Director
- New Finnish Affiliate Site Ilmaiskierrokset.com Puts Wager-Free Spins in the Spotlight
- Major FDA Victory; Preservative-Free Ketamine Approved Ahead of November 10 Goal Date as Commercial Launch Opportunity Comes Into Focus for NRx Pharma
- Immerse Yourself in the Historic Tochigi Autumn Festival, Celebrated Every Two Years Since 1874
- Asheville Artist KayeDinero Turns the Blue Ridge Into a Horror Movie With "Halloween"
- Resident Inspect Expands Virtual Property Inspections With AppFolio and Rentvine Integrations
- Unlocking the Next Phase of Growth with New AI Innovations; Targeting 2027 as Breakeven; Revenue Momentum Accelerates: ZenaTech (N A S D A Q: ZENA)
- AeroNet Deploys netElastic vBNG and CGNAT with Tarana Wireless to Deliver Scalable, Fiber-Class Broadband Across Puerto Rico
- New Atlas Maps the 38 States Behind Every Conversation
- Atlanta Company Launches Free, Ad-Free, Nonpartisan Voter Planning App for All 50 States Ahead of the Nov. 3 Election
- NECP Promotes Chertova to Senior Business Analyst
- Security Industry Veteran Anthony Rumore Launches AegisLead to Help Security Companies Find Business and Manage Growth
- Charlie Shaw and Patrick Carragher win SEO Agency of the Year 2026
- Canadian Woman Plants 1,667 Love Stories in a Field of Peonies That Could Bloom for 100 Years
- Peruvian Gold Wellness Shares Free 2026 Holiday Shopping Guide
- New Research Spotlight, Expanding TUSC2 Science & Strategic Development Milestones Put Gene Therapy Innovation into Focus for Genprex (NAS DAQ: GNPX)
- Hall of Fame Speaker Kelly Swanson Competes for National Top Host Title
- Hall of Fame Speaker Kelly Swanson Launches New Book and Brings Comedy Show to Louisburg, NC