Once again defying the naysayers that insisted North Carolina’s continued tax reforms would cause massive shortfalls, North Carolina’s fiscal research division reported that FY 2018-19 closed out with a surplus of $896 million.
According to the report, personal income-tax payments ran $150 million above expectations, and sales tax collections were $74 million higher than anticipated.
The surplus is a reflection of the health of North Carolina’s economy, and flies in the face of Gov. Cooper’s and other left-wingers’ warnings these last couple years of budget shortfalls “from the eventual loss of a billion dollars a year when the tax breaks are fully enacted.”
Per the 2017 legislation establishing the State Capital and Infrastructure Fund (SCIF), one-fourth of unspent funds at the end of a fiscal year are to be deposited into SCIF. Another fourth is required to be sent to the repairs and renovations saving fund.
