While most state government watchers were focused on a last-minute legislation at the General Assembly, some good news came out of the Office of the State Controller.
The General Fund Monthly Financial Report reported that when compared to the prior year – through May 31st — net tax and non-tax revenues were up $834.9 million, an increase of 4 percent over the previous year. Overall tax revenue is up $803.3 million while non-tax revenue is up $31.6 million over the previous year.
The report continued:
The Fiscal Research Division estimates that General Fund revenue through May 2018, is $252.8 million above the revenue target. The revenue targets are monthly projections based on the May 2017 consensus forecast, 2017 session adjustments, and previous monthly collection trends.
This is good news, which may be the reason why so few people have heard it. It’s yet more evidence that critics on the left are wrong. North Carolina’s budget discipline and tax cuts continue to fuel our economy. Common sense budget policies and expanding economic freedom – not state government planning — are the best ways to create jobs and reduce unemployment.
The evidence continues to grow.
The preceding post was written by Dr. Robert Luebke, Senior Policy Analyst at the Civitas Institute. It was first posted on Civitas’s website on June 19, 2018 and reappears here with the gracious permission of the author.