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North Carolina Revenue Surplus Upgraded to $425M

RALEIGH, N.C. (AP) — State economists believe North Carolina will collect $425 million more in revenues than originally anticipated for the fiscal year that ended June 30.

The amount disclosed Tuesday by State Budget Director Drew Heath is $95 million above what legislative leaders expected when they drew up a final budget bill that is now on McCrory's desk awaiting his signature.

Heath attributed the increase to higher than expected income tax revenue because more people are working. Gov. Pat McCrory said in a release that recent surpluses are happening due to "strong economic growth, job creation and responsible financial management."

The upward projection was agreed to by the Office of State Budget and Management and the General Assembly's Fiscal Research Division.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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