Last week, the General Assembly’s Fiscal Research Division and the Office of State Budget and Management released a consensus revenue forecast showing that North Carolina can expect a $400 million surplus in this year’s State budget.
“I am pleased to see that pursuing our economic agenda of more and better-paying jobs is resulting in an economic expansion that helps everyone,” said Representative Jonathan Jordan. “We are committed to reducing tax and regulatory burdens on hard-working North Carolina families and small businesses. As promised, our strategy of cutting taxes and red tape is spurring the economy, helping everyone’s pocketbooks, and providing revenue for continued investment in education, healthcare, transportation, and economic development, among others.”
Speaker Tim Moore stated, “In five years of Republican leadership, our State has moved from a $2 billion dollar deficit to providing annual increases in educational funding, providing raises for teachers and state employees, and providing tax relief for working families.
“Our economy is growing. More North Carolinians went to work this morning than at any time in our State’s history. We’ve repaid a $2.7 billion dollar loan and reformed our unemployment system to help our citizens get back to work. Prudent, responsible budgeting has allowed us to invest in critical State services, and we will continue to practice conservative governance. It is under these policies that North Carolina has begun to flourish.
“The lower, flat personal income tax rate has spurred economic growth and job creation that in-turn has provided North Carolina with a budget surplus. It is important to note that the revenue surplus, while welcome, still ensures more money in the pockets of working families than before our comprehensive tax reform. We are in good standing to continue, along with our colleagues in the Senate, addressing ways to reduce the tax burden working families feel across North Carolina.”