The Joint Appropriations Committee met on Tuesday, May 26 at 5:00pm.
The Committee requested an general revenue overview by the NCGA’s Chief Economist, Dr. Barry Boardman. He noted that this summary is very uncharted territory due to pandemic uncertainty and delayed tax payments.
Process
The Fiscal Research Division and the Office of State Budget and Management developed independent forecasts prior to the release of the Governor’s budget.
Revised Forecast
The revised forecast includes a $2.566 million decrease or a 9.9% decline in revenue. This forecast also includes a $1 billion shift in revenue because of delayed tac payments. This forecast does not include a second wave of the COVID-19 pandemic.
Biennium Revenues (2019-2021)
The collections during this time period are projected to be $4.2 billion below September 2019 forecast. There will be an updated forecast after July to include the forecast for each revenue source.
The North Carolina Medical Society is following this information closely to stay up to date on the economic outlook for our state.