N.C. faces a $500 million gap
RALEIGH (Raleigh News & Observer) - Top lawmakers say North Carolina will come up $500million short of its $19billion budget by the end of June.
"It would not surprise me if it hit $600[million] or $700million," said Sen. David Hoyle, a Gaston County Democrat and co-chairman of the Senate Finance Committee. "But $500million seems like a given."
Revenue at the end of January was $35million behind estimates. The state would be in a $300million hole if not for a special Revenue Department program that settled dozens of business tax disputes, bringing in a flood of money.
"It would not surprise me if it hit $600[million] or $700million," said Sen. David Hoyle, a Gaston County Democrat and co-chairman of the Senate Finance Committee. "But $500million seems like a given."
Revenue at the end of January was $35million behind estimates. The state would be in a $300million hole if not for a special Revenue Department program that settled dozens of business tax disputes, bringing in a flood of money.
posted by BP News Bureau | 12:06 PM
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