RALEIGH, N.C. – The North Carolina State General Assembly leaders responded to consensus revenue forecasts released by budget agencies on Friday.
The forecasts typically help lay the foundation for budget negotiations and analysts are in agreement when predicting a total net drop in expected collections of $5 billion for the current budget biennium.
According to a statement released from state officials, the data prediction shows an expected $4.2 billion drop, which is nearly or 8.2%, in General Fund revenues. Additionally, the forecast shows an expected $774 million drop, which is nearly 9.7%, in the Highway Fund and Highway Trust Fund.
“We continue to work collaboratively with the Governor on fiscal responses to this crisis, just as we did earlier this month with a consensus $1.6 billion COVID relief appropriation. We look forward to receiving the Governor’s budget recommendations as soon as possible to move forward with a plan of action,” Senate Leader Phil Berger (R-Rockingham) and Speaker Tim Moore (R-Cleveland) said in a joint statement released Friday.
Participating analysts include the General Assembly’s nonpartisan Fiscal Research Division and the Office of State Budget and Management.
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