NC state government has $600M-plus at disposal to manage budget shortfall for fiscal year

NC state budget has $600M-plus for any shortfall

RALEIGH, N.C. — North Carolina state government has at least $620 million at its disposal so far to close any budget hole this fiscal year.

State budget director Charlie Perusse and the General Assembly’s top economist gave legislative leaders Wednesday an update on the state’s financial picture through October.

Perusse’s office estimates it will have $469 million from unused funds and holdbacks of up to 5 percent from state agencies ordered by Gov. Beverly Perdue to ensure there’s money to pay bills. There’s another $150 million in the rainy-day reserve fund.

So far, revenues are $95 million less than what lawmakers projected when they passed the $19 billion budget in August. That shortfall is nowhere near the $3.2 billion shortfall Perdue faced last year.