NC forecasters predict tax revenue shortfall

April 13, 2010 7:27:08 AM PDT
Tax forecasters estimate North Carolina will collect about 2 percent less revenue than first predicted this year.

Experts say the state will take in $391 million less than expected to pay for the $19 billion budget for the year ending June 30. Gov. Beverly Perdue has held back money to narrow the shortfall.

According to a memo dated Monday, the state will receive $788 million less than expected for the new budget year beginning July 1. The estimates could change after April 15 collections are counted.

Legislative leaders say they may have to find up to $1.2 billion in spending cuts, additional revenues or both when new Medicaid expenses and other needs are included.

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