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Helpful links for budget planning Fearless forecast for 2008-09 Every year at this time, we develop forecasts of major county revenues and assemble other information to help county officials put together their proposed budgets for the upcoming fiscal year. A slowing state economy will continue to dampen sales tax collections, but fiscal analysts remain hopeful that North Carolina will avoid a recession. North Carolina’s economy is clearly lagging behind past performance – year-to-date sales taxes are growing at 2.9 percent as compared with a 5.8 percent average growth, corporate taxes are off 30 percent although much of that decline is due to large, one-time payments last year, and deed stamp revenues are down nearly 12 percent. Luckily for the state, and indirectly for counties, withholding receipts for personal income taxes continue above their historical average. National economic numbers indicate a growing possibility, if not reality, of a national recession – two or more quarters of GDP decline. Economic pundits point to the collapse of the housing appreciation bubble, increasing energy prices, tightening consumer spending and credit availability. While North Carolina largely avoided rapid housing escalation over the past five years, a protracted national recession with attendant job losses would curtail economy-dependent state revenues and accelerate state expenditures such as Medicaid. State-Shared Revenues
ADM Fund
Lottery proceeds Medicaid
State allotments for public schools
Miscellaneous |