New forecast projects $3.25 billion state surplus for 2022-23 fiscal year

RALEIGH, N.C. (WITN) – A revised consensus for the fiscal year is showing a 10% revenue bump for state government.

Economists from the Office of State Budget & Management and the General Assembly’s Fiscal Research Division revised the fiscal year revenue forecast with an anticipated $3.25 billion surplus. This would put the total revenue at $33.76 billion, a 10.7% increase.

“These increased funds are needed desperately to pay our teachers more, fund our schools, provide quality child care for parents in our workforce, and to pay for the tax cuts for working families that we put in place last year,” said Governor Roy Cooper. “I hope we can negotiate a bipartisan budget that makes these investments without more tax breaks for the wealthiest among us.”

The anticipated surplus comes from a smaller-than-expected drop in individual income tax collections and higher than expected tax collections in other areas.

The full forecast is available here.