North Carolina’s revenue and tax collections so far this fiscal year show an improving state economy that is still struggling to build up considerable momentum.
Through the first three quarters of the fiscal year, North Carolina’s general fund revenues have exceeded the state’s $14.3 billion revenue target by $110 million, according to a new report by the state’s Fiscal Research Division. Tax revenues are $126 million ahead of a $13.5 billion target.
But sales tax collections have been below projections, with the state taking in $90 million less than the $4 billion targeted through the first three quarters of the fiscal year. Non-tax revenues, which includes investment income and judicial fees, are also $16.3 million less than the state’s $513 million target.