N.C. tax revenues down, but General Fund in the black
Posted June 5, 2010 10:06 a.m. EDT
Updated June 5, 2010 1:53 p.m. EDT
Raleigh, N.C. — Monthly tax revenues dropped by 5 percent compared to last April, but North Carolina's General Fund is in the black, a turnaround from a negative balance a year ago.
April's tax receipts were $119.2 million less than in 2009, according to a monthly report from the Officer of the State Controller released Friday.
Non-tax monies fell more than 70 percent, or $186.2 million. Last spring's non-tax revenue was bolstered by $336 in federal economic stimulus money and transfers from the state's special funds and trust funds into the General Fund. Those sources were not tapped this year.
The balance in North Carolina's General Fund stood at $405.2 million in April – an increase of nearly $700 million from April 2009 when the fund had a negative balance of $284.7 million.
Overall, tax revenue has increased by 3.7 percent, or $528.8 million, compared to the first four months of 2009.