North Carolina
North Carolina forecasts one-time $1.4 billion budget surplus
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North Carolina has a projected one-time $1.4 billion surplus in state revenues through Fiscal Year (FY) 2025, according to the latest consensus revenue forecast released on Wednesday by the Office of State Budget and Management (OBSM) and the General Assembly’s Fiscal Research Division.
That surplus includes an estimated $413 million in the current fiscal year, and an estimated $1 billion in additional revenue in FY 2024-25.
With those extra anticipated funds, the revised revenue forecast for FY 2023 is $34.14 billion, a 1.2% increase from the certified budget. In FY 2024-25, the revised forecast is $34.37 billion — reflecting the expected $1 billion surplus, or 3% increase from the certified revenue.
The anticipated overcollections come from individual income and sales taxes, the OBSM document says, “due largely to continued growth in earnings and consumer spending.”
However, the forecast anticipates lower corporate tax revenues “due primarily to a larger-than-expected shift in business tax collections from corporate income tax to individual income tax.”
“The upward revision is due to more robust economic growth than foreseen at the time of the last consensus forecast in May 2023,” the OBSM consensus document says. “Contrary to the CFG’s (Consensus Forecasting Group) expectations in May 2023, the economy demonstrated greater resilience and avoided a predicted period of stagnant growth, or ‘slowcession,’ in late 2023 and 2024. Instead, the April 2024 consensus forecast expects a ‘soft landing,’ with inflation easing toward the Federal Reserve’s 2% target even as the economy continues to grow at a modestly slower pace than in 2023.”
Consensus forecasts are an essential component of the state’s budget process, as they help lawmakers know how much money is on the table to be invested.
The state’s legislative short session begins next week, on April 24. During this session, lawmakers can adjust the two-year budget passed during the previous long session and are able to discuss bills that previously passed one house or recommendations from a study commission.
Democratic Gov. Roy Cooper typically releases his budget proposal shortly after the consensus forecast comes out. Then, the House and Senate each release a proposal and work together to pass an updated compromise budget.
House Speaker Tim Moore, R-Cleveland, recently told media that he would like to fund more money for the Opportunity Scholarship program. The program, which funds private school vouchers at eligible schools, was expanded during the long session to all families regardless of income.
About 72,000 applications were received ahead of the deadline on March 1, and of that, the families of 13,511 students were notified that they received a scholarship for the 2024-25 school year.
Moore said Republicans are discussing funding an additional $300 million toward the program, the News & Observer reported. The 2023 budget set the revised appropriation for the Opportunity Scholarship grant fund reserve to $354.5 million in FY 2024-25.
The families notified so far that they would receive a scholarship were all Tier 1 families, meaning they came from the lowest income levels. This means additional funding would go toward families with higher incomes.
Moore also said he would like to fund an additional $400 million toward Medicaid, child care subsidies, and additional raises to school and state employees.
On Thursday, Moore released an email statement regarding the $1.4 billion surplus.
“Today’s revenue forecast is a sign that North Carolina is on the right track,” he said. “Our conservative approach to responsible spending has been effective in strengthening our economy and attracting business to our state. When those businesses bring thousands of jobs to NC and our economy is strong, all of North Carolina wins.”
The OBSM document used more uncertain language regarding the forecast.
The end of April is typically the most uncertain time for revenue collections, the document said. Another revised consensus will be released in mid-to-late May if actual collections differ significantly from the most recent forecast.
“Revenue forecasts are always uncertain,” the document says, “but a recent business tax change affecting pass-through entities has further raised forecast uncertainty for individual and corporate income taxes due to a shift in payments between tax types and to differences in taxpayer behavior between business entities and individuals.”
You can read the full OBSM forecast document here. You can also view the Fiscal Research Division’s forecast presentation here.
The video above is a live stream of WBTV and affiliated programming, and may not be directly related to the article below.
GRANITE FALLS, N.C. (WBTV) – A man was killed and a teenager was hurt after a head-on crash in Caldwell County on Sunday.
The deadly crash happened along Highway 321 near Glenn Ridge Drive in Granite Falls, just before 7:45 p.m. on June 28.
North Carolina state troopers said 65-year-old Marvin Wayne Anderson was driving the wrong way on Highway 321 when he crashed head-on into an 18-year-old.
Troopers said Anderson died on the highway, while the teenager was taken to a nearby hospital with minor injuries.
Highway Patrol said its initial investigation did not find speed or impairment to have been factors in the wreck. Troopers did not say why or how Anderson ended up on the wrong side of the road.
The crash reportedly shut Highway 321 down for several hours but it has since reopened.
Also Read: Mail worker killed in broad daylight in rural North Carolina, officials say
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The NC Lottery offers several draw games for those aiming to win big.
Here’s a look at Sunday, June 28, 2026 results for each game:
Winning Pick 3 numbers from June 28 drawing
Day: 2-0-8, Fireball: 7
Evening: 4-1-9, Fireball: 1
Check Pick 3 payouts and previous drawings here.
Winning Pick 4 numbers from June 28 drawing
Day: 7-7-6-5, Fireball: 4
Evening: 8-6-1-5, Fireball: 0
Check Pick 4 payouts and previous drawings here.
Winning Cash 5 numbers from June 28 drawing
06-08-11-16-37
Check Cash 5 payouts and previous drawings here.
Winning Double Play numbers from June 28 drawing
02-03-10-15-39
Winning Millionaire for Life numbers from June 28 drawing
04-11-31-54-58, Bonus: 03
Check Millionaire for Life payouts and previous drawings here.
Feeling lucky? Explore the latest lottery news & results
Are you a winner? Here’s how to claim your lottery prize
All North Carolina Lottery retailers will redeem prizes up to $599.
For prizes over $599, winners can submit winning tickets through the mail or in person at North Carolina Lottery Offices. By mail, send a prize claim form, your signed lottery ticket, copies of a government-issued photo ID and social security card to: North Carolina Education Lottery, P.O. Box 41606, Raleigh, NC 27629. Prize claims less than $600 do not require copies of photo ID or a social security card.
To submit in person, sign the back of your ticket, fill out a prize claim form and deliver the form, along with your signed lottery ticket and government-issued photo ID and social security card to any of these locations:
- Asheville Regional Office & Claim Center: 16-G Regent Park Blvd., Asheville, NC 28806, 877-625-6886 press #1. Hours: 9 a.m. to 5 p.m. Monday through Friday. This office can cash prizes up to $99,999.
- Greensboro Regional Office & Claim Center: 20A Oak Branch Drive, Greensboro, NC 27407, 877-625-6886 press #2. Hours: 9 a.m. to 5 p.m. Monday through Friday. This office can cash prizes up to $99,999.
- Charlotte Regional Office & Claim Center: 5029-A West W. T. Harris Blvd., Charlotte, NC 28269-1861, 877-625-6886 press #3. Hours: 9 a.m. to 5 p.m. Monday through Friday. This office can cash prizes up to $99,999.
- NC Lottery Headquarters: Raleigh Claim Center & Regional Office, 2728 Capital Blvd., Suite 144, Raleigh, NC 27604, 877-625-6886 press #4. Hours: 9 a.m. to 5 p.m. Monday through Friday. This office can cash prizes of any amount.
- Greenville Regional Office & Claim Center: 2790 Dickinson Avenue, Suite A, Greenville, NC 27834, 877-625-6886 press #5. Hours: 9 a.m. to 5 p.m. Monday through Friday. This office can cash prizes up to $99,999.
- Wilmington Regional Office & Claim Center: 123 North Cardinal Drive Extension, Suite 140, Wilmington, NC 28405, 877-625-6886 press #6. Hours: 9 a.m. to 5 p.m. Monday through Friday. This office can cash prizes up to $99,999.
Check previous winning numbers and payouts at https://nclottery.com/.
When are the North Carolina Lottery drawings held?
- Powerball: 10:59 p.m. Monday, Wednesday, and Saturday.
- Mega Millions: 11 p.m. Tuesday and Friday.
- Lucky for Life: 10:38 p.m. daily.
- Pick 3, 4: 3:00 p.m. and 11:22 p.m. daily.
- Cash 5: 11:22 p.m. daily.
- Millionaire for Life: 11:15 p.m. daily.
This results page was generated automatically using information from TinBu and a template written and reviewed by a Carolina Connect editor. You can send feedback using this form.
After four years at Duke, Grayson Allen is back in North Carolina, now a member of the Charlotte Hornets.
Former Blue Devil Grayson Allen will play home games in North Carolina for the first time in his professional career after four years at Duke. According to ESPN’s Shams Charania, Allen is on the move to the Charlotte Hornets after three seasons with the Phoenix Suns.
Allen was traded alongside Royce O’Neale and draft capital in return for Miles Bridges and draft picks. Allen was at Duke from 2014 to 2018, earning an NCAA championship and two All-ACC selections.
With Allen now a member of the Hornets, this will create a Duke trio in Charlotte, which includes Allen, Kon Knueppel and Sion James.
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