There was little activity at the General Assembly this week since most legislators were out of town after last week’s busy Crossover week. Members return to Raleigh next week and the Senate is expected to release its version of the budget bill (H 259) early in the week.
Budget Bill and Revised Revenue Forecast
Since the House passed the budget bill (H 259) on April 6, Senate budget writers have been working on that chamber’s version of the bill.
Newly released consensus revenue numbers from the Office of State Budget and Management and the General Assembly’s Fiscal Research Division slightly raise the projected revenue available to budget writers for the next two fiscal years. The forecast was made after the April tax filing deadline and increases revenue projections by .4% in fiscal year 2024 and .7% in fiscal year 2025. Fiscal year 2024 begins on July 1, 2023. The forecast continues to anticipate “a significant slowdown in economic growth during the remainder of 2023 and into 2024 combined with gradually easing inflation.”
Information about bills and work of the General Assembly can be found at its website: www.ncleg.gov.
For more information, contact a member of the Brooks Pierce Government Affairs Team.
Ed Turlington, Partner
Drew Moretz, Government Relations Advisor
Katelyn Kingsbury, Government Relations Advisor