| Legislative
Bulletin |
JUNE
15, 2001 |
 |
Budget shortfall climbs to
$782 million
North Carolina’s budge shortfall swelled by $78.6
million in May and now stands at $782.2 million through 11
months of the state’s fiscal year, according to fresh
figures from the State Controller’s Office. But don’t
assume from those numbers that state tax revenues are
declining. Total tax revenues so far this fiscal year, at
$11.338.7 billion, are almost identical to the total at this
point last fiscal year, at $11.333.3 billion. The shortfall
arises because the budget adopted by the legislature a year
ago assumed a growth of about 6 percent in tax revenues. More
than half of the shortfall can be traced to
less-than-predicted individual income taxes, with similar
deficits in corporate income and sales taxes. Franchise tax
collections remain strong and over budget. Individual income
taxes in May, at $416.1 million, are roughly $180 million less
than they were in May 2000. Total collections for May were
$248 million below the same month last year.
Return to Page One
|
General Fund
Tax Revenues,
dollars in millions
|
Month
of May
|
11
Months Year to Date
|
|
|
|
Monthly
Budget
|
Actual
Collected
|
Over/
Under
|
Monthly
Budget
|
Actual
Collected
|
Over/
Under
|
|
|
Individual
Income
|
$416.1
|
$393.3
|
$-22.8
|
$7,099.4
|
$6,662.0
|
$-437.4
|
|
|
Corporate Income
|
8.5
|
-18.9
|
-27.4
|
498.7
|
317.8
|
-180.9
|
|
|
Sales and Use
|
312.9
|
278.2
|
-34.7
|
3,310.6
|
3,147.6
|
-163.0
|
|
|
Franchise
|
21.2
|
34.5
|
13.3
|
518.7
|
582.4
|
63.7
|
|
|
Insurance
|
4.6
|
-0.6
|
-5.2
|
216.1
|
224.8
|
8.7
|
|
|
Beverage
|
11.7
|
10.4
|
-1.3
|
156.5
|
154.5
|
-2.0
|
|
|
Inheritance
|
12.7
|
15.9
|
3.2
|
140.0
|
115.3
|
-24.7
|
|
|
Privilege License
|
1.8
|
2.0
|
0.2
|
37.5
|
17.3
|
-20.2
|
|
|
Tobacco Products
|
3.5
|
3.2
|
-0.3
|
38.9
|
38.2
|
-0.7
|
|
|
Real Estate Excise
|
1.3
|
1.3
|
—
|
7.6
|
7.6
|
—
|
|
|
Gift
|
1.0
|
0.8
|
-0.2
|
27.7
|
19.9
|
-7.8
|
|
|
White Goods
|
0.4
|
0.4
|
—
|
0.8
|
0.8
|
—
|
|
|
Scrap Tire Disposal
|
0.9
|
0.9
|
—
|
1.8
|
1.8
|
—
|
|
|
Freight Car Lines
|
0.3
|
0.2
|
-0.1
|
0.30
|
0.5
|
0.2
|
|
|
Piped Natural Gas
|
5.5
|
6.5
|
1.0
|
38.9
|
48.3
|
9.4
|
|
|
Other
|
-0.1
|
-0.1
|
—
|
0.2
|
-0.1
|
-0.3
|
|
|
Total Tax Revenue
|
$802.3
|
$728.0
|
$-74.3
|
$12,093.7
|
$11,338.7
|
$-755.0
|
|
|
|
|
|
Non-Tax
Revenue
|
|
|
Treasurer's Investments
|
17.9
|
12.1
|
-5.8
|
196.1
|
156.4
|
-39.7
|
|
|
Judicial Fees
|
9.5
|
10.1
|
0.6
|
103.3
|
100.4
|
-2.9
|
|
|
Insurance
|
0.2
|
0.1
|
-0.1
|
33.9
|
17.8
|
-16.1
|
|
|
Other
|
9.3
|
10.3
|
1.0
|
159.8
|
191.3
|
31.5
|
|
|
Total Non-Tax Revenue
|
$36.9
|
$32.6
|
$-4.3
|
$782.4
|
$755.2
|
$-27.2
|
|
|
|
|
|
Total Tax and
Non-Tax
Revenue
|
$839.2
|
$760.6
|
$-78.6
|
$12,876.1
|
$12,093.9
|
$-782.2
|
|
|
|
|
