RALEIGH, N.C. (AP) — North Carolina’s chief legislative economist has estimated that state revenue collections could take a billion-dollar hit during the current budget cycle due to the coronavirus pandemic.
The General Assembly’s chief economist said this week that the state could see overall revenue fall $1.5 billion to $2.5 billion below previous collection forecasts for the two-year budget cycle ending in June 2021 because of the economic slowdown.
Legislative economist Barry Boardman wrote the estimate in an email to Senate budget writers that was obtained by The Associated Press. He cautioned the estimates are “very preliminary” and that an updated forecast is expected by mid-May.
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