April tax collections in NC higher than expected

RALEIGH, N.C.—North Carolina received encouraging news from the all-important April tax collections.

Legislative analysts said Wednesday the state so far has received $90 million more than expected for the current fiscal year. Much of the revenue came from income tax returns filed by April 15.

Analyst Barry Boardman estimates the state will have $152 million more than expected when the fiscal year ends June 30. That money will be available to pay for budgeted items next year.

But the surplus is nothing near the extra money tallied in the last two years. In 2006 and 2007, good economic conditions helped the surplus exceed $1 billion each year.

Gov. Mike Easley's budget adviser Dan Gerlach said the governor's proposed budget has lowered revenue expectations for next year to reflect a slowing national economy.

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