Guess what? They shook more money out of us than they needed:
North Carolina government revenues are projected to exceed expectations by more than a half-billion dollars this fiscal year, state economists announced Thursday.
The anticipated surplus could help both the GOP-controlled legislature and Democratic Gov. Roy Cooper get more of what they want in the next budget.
The budget office run by Cooper and the General Assembly’s fiscal research agency now agree that state revenues will be $552.5 million above what’s needed to cover the $22.3 billion budget that ends June 30.[…]
State government is NOT a for-profit business. In the private sector, if you take in more money than you spend, that is PROFIT and it is a good
thing. Government is not-for-profit (although some politicians see it otherwise). A surplus means they took too much money from us. It is not an excuse to go out and spend more on more stuff. They need to GIVE IT BACK to their “friends,” the taxpayers. Case closed. MORE:
The 2.5 percent revenue increase is attributed largely to higher than expected wage growth that’s helped boost personal income and sales taxes, according to a memo for legislators.
Continued economic gains should help provide close to $1.5 billion total over the next two fiscal years, through mid-2019, the report said. The extra money will give lawmakers more leeway while writing the two-year budget that they’ll approve before adjourning this year’s work session.
This year’s figures are likely to be adjusted after the often-volatile April 15 tax collections come in, but without a dramatic change, they would mark a budget surplus for the third straight year.
Republican leaders said the increasing tax collections are proof that their tax reductions and regulatory policies since taking charge of the General Assembly in 2011 are working by boosting the overall economy and revenues.
“North Carolina must sustain its commitment to creating opportunity and commercial growth through a commonsense, conservative approach to state government,” House senior budget-writer Rep. Nelson Dollar, R-Wake, said in a release. “This considerable revenue surplus reflects the significant impact our reforms have had on wage gains, job creation and tax collections for our state.”
And you DO that by putting money back in the hands of innovators in the private sector. Those are the people who CREATE jobs. GIVE THE MONEY BACK, NELSON.
[…] Cooper, who anticipates rolling out his budget proposal for legislators in the coming weeks, sees growing revenue projections as “welcome news,” spokesman Ford Porter said.
Although Republicans have veto-proof majorities and can choose to ignore Cooper’s budget offer, the extra funds could provide a salve to the already rough relations between the governor and GOP legislative leaders.
Having all that extra money around stirs the urge to create more government programs and expand existing ones. THAT crushes the spirit of individuality and innovation. THAT tightens the grip of the state over individuals. Stuff Republicans give lip service to fighting.
Money could go to one-time items or recurring spending items they both want, such as additional Hurricane Matthew relief and higher teacher pay. Funds could also cover tax reductions, although the governor and lawmakers may disagree on how such cuts should be distributed.
The additional funds “give us an opportunity to invest in our future with better schools and a stronger middle class, while also making sure those hit hard by Hurricane Matthew aren’t left behind,” Porter said.
Senate leader Phil Berger, R-Rockingham, referred critically to Cooper about possible differences on taxes in a news release. Berger said North Carolina appears to be one of just a handful of states that’s not facing revenue shortfalls or budget crunches, crediting GOP policies for the boon.
So, GIVE IT BACK.