State revenue down 14 percent

Submitted by bniolet on February 24, 2009 - 10:37am.
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The state's revenues dropped $286 million or 14.3 percent in January compared to the same period last year.

The news was released Monday in a report by state Controller David McCoy.

"Revenue growth is slowing dramatically," McCoy said in a news release. "This decline was expected, and the state's financial plan was adjusted, but we are continuing to feel the strain of budget pressures." 

According to McCoy's report, personal income tax collections accounted for the nearly all of the loss in revenue for the month. McCoy also reported that investment earnings declined by $16 million, or 89 percent. State spending is down by 1.7 percent. Education and health and human services spending, the largest category of state expenditures, was 5.6 percent higher in January.

Perhaps a reflection of all this bad news, sales and use taxes, alcohol and tobacco taxes grew by $42 million or 8.5 percent in January 2009.



Document(s):
general_fund_01_09.pdf

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Re: State revenue down 14 percent

Submitted by FFC1304 on February 24, 2009 - 4:11pm.

SHUT UP!!! NC just got $6.4 BILLION S H U T U P !!!

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Re: State revenue down 14 percent

Submitted by momtocam on February 24, 2009 - 3:58pm.

Not one bit surprised that alcohol and cigarette sales went up. It's inevitable. People will continue their habits, and even more so when times are as serious as they are now. They'll spend their last dime on this before they pay a bill.

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