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N.C. tax revenues off $45M in 1st quarter
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Published: October 21, 2009
RALEIGH - North Carolina tax collections continue to fall this fiscal year, but they are nearly in line with what lawmakers expected when they passed the state budget.
The General Assembly's top economist Barry Boardman says tax collections in the state are down by 1 percent, or about $45 million, from projections for the first three months of the year through September.
Gov. Beverly Perdue already held back money to state agencies in August in case of a shortfall in the $19 billion budget.
Overall revenues are still 4 percent lower compared to the first three months of last year as the recession keeps squeezing sales and income taxes.
Boardman says fiscal experts are hopeful the revenue decline will bottom out this fall.
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