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Local News Story
NC Lawmakers told of worsening fiscal picture
Raleigh, NC, 05.06.2009
AP
North Carolina government budget writers have received more bad news about the state's revenue picture.
Fiscal analysts at the Legislature said Wednesday that lawmakers will have to find an additional $1.5 billion in savings or tax increases to close a widening budget gap for the fiscal year starting July 1. The gap is now projected at $4.6 billion.
Economist Barry Boardman told a joint House-Senate committee that the April 15 tax collections were worse than expected and created the more dire fiscal situation. Revenues are expected to decline nearly 11 percent this fiscal year compared to the year before.
But the news isn't unexpected. Gov. Beverly Perdue ordered state employee furloughs to help find an additional $1 billion to balance the current year's budget by June 30.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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