May 11 2008
Budget Surplus Likely to Top Estimates
State lawmakers may have a fatter budget surplus than they originally thought, though it remains far less than in previous years.
Economic analysts for the state legislature now estimate that North Carolina will have a budget surplus of about $150 million for the fiscal year that begins July 1.
Last month, the budget surplus estimate had dropped to as low as $15 million as economists feared the slowing economy was leading to a significant drop in tax collections.
So with a $150 million surplus will the North Carolina State Legislature do the responsible thing and return that money to the taxpayers in the form of an income tax cut, or will they frivolously spend it away?
