North Carolina ended Fiscal Year 2022-2023 on June 30th with revenues of $33.535 billion. This is $3.026 billion, or 9.9 percent, above the certified budget for the year. This is $89 million, or 0.26 percent below the amount of expected over-collections projected in the May 2023 Consensus Forecast prepared by the Office of State Budget and Management and the General Assembly’s Fiscal Research Division. In addition, state agencies reverted $1.17 billion in unspent budgeted funds. This represents 4 percent of the General Fund appropriations for the year. This is a larger amount than is typical. Much of the reversions were driven by historically high state employee vacancy and turnover rates as well as prudent budget management by agencies.
