Forecast: Pandemic will take $4B bite out of state revenue
Top state government fiscal researchers predicted Friday that North Carolina will collect $4 billion less in revenues over a two-year period than previously forecast as the pandemic-related economic slowdown continues.
Researchers from the General Assembly and executive branch jointly estimated that state collections for the current fiscal year will fall $1.6 billion short of a pre-pandemic forecast.
For the 2020-21 fiscal year, the group predicted that revenue will fall short of the previous forecast by nearly $2.6 billion.
The group did note that because the current pandemic is unprecedented, their forecast reflects more uncertainty than normal.
They also said delays in state tax deadlines also clouded the picture.