NC forecasters predict tax revenue shortfall

RALEIGH

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.

Send pictures | Classifieds | Report A Typo |  Send Tip |  Get Alerts
Most Popular  |  Follow abc11 on Twitter  |  abc11 on Facebook

Copyright © 2020 WTVD-TV. All Rights Reserved.