Cork your bubbly; it’s just $75 million
Tuesday, October 30th, 2007
By Chris Fitzsimon
Benjamin Niolet, Staff Writer North Carolina has a little extra cash on hand these days, but it’s hardly mad money.
The state has received about $75 million more than expected through September, according to state budget experts. The increase is less than 1 percent of the state’s total $20 billion budget. And while it never hurts to have a little extra cash on hand, especially when other states are reeling from shortfalls, the increase is nothing to celebrate.
"It’s too early to get excited one way or the other. If we had been down, I’d be saying the same thing," said Barry Boardman, an economist in the General Assembly’s Fiscal Research Division. "The first quarter, really the first half, tells you very little about where you’re going to end up at the end of the year."
Other states are collecting less than projected. Virginia, for one, is facing a $641 million shortfall. The national economy is slowing down because of a slump in housing, softening in the credit markets, rising energy costs and other factors. (more…)
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