NC surplus grows to $445M


RALEIGH (AP) — North Carolina’s General Fund has surpassed its expected revenues by about $445 million in the most recent fiscal year, further exceeding estimates made earlier this year by about $45 million.

The Fiscal Research Division of the General Assembly said in an email to legislators and staffers Monday that total revenues in the fiscal year ending June 30 were $21.4 billion. The biggest gains came in individual and corporate income tax revenues, which exceeded last year’s projection by $193 million and $232 million, respectively.

Increased tax revenues triggered a lowering of the corporate income tax rate from 5 percent to 4 percent in 2016.

In May, Republican leaders in the legislature estimated surplus revenues would total around $400 million.

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