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.
North Carolina Exceeds Revenue Expectations for Fiscal Year 2022-2023 Despite Unspent Budget Reversions
