NC facing less red ink
Monday, June 21 2010
by WUNC News Staff
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North Carolina's general fund deficit is more than $300 million less than it was at this time last year. The latest report from the State Controller's Office says North Carolina's available finances are still in the red. But last month's deficit was down to $18 million from more than $344 million in May of last year. Deputy Controller Anne Godwin says the state has been delaying the payment of some tax refunds.
Anne Godwin: In the real good years, when we had a huge cash balance, it wasn't as big an issue as it has been in the last couple of years. So what we do is we release only a certain amount each week. The good news is we are, as of this week, paying out over half of what we had as a liability and we'll anticipate paying the rest of them off within the next couple of weeks.
Godwin says that practice helps boost the state's general fund during a time of economic downturn.
