NC ended fiscal year with $3 billion surplus

The North Carolina State Capitol building is shown in this photo.

RALEIGH — North Carolina state coffers ended the 2022-23 fiscal year with revenues of $33.5 billion, adding an additional $3 billion above the state budget estimate. 

In addition, the Office of State Budget and Management (OSBM) state agencies reverted $1.17 billion in unspent budgeted funds. This represents 4% of the General Fund appropriations for the year, a larger than typical amount, OSBM stated. Much of the reversions were driven by historically high state employee vacancy and turnover rates as well as prudent budget management by agencies. 

“Our state employees have demonstrated incredible stewardship and resilience in the face of changing budgetary pressures and unprecedented vacancies,” said State Budget Director Kristin Walker in a statement. “We look forward to working with state agencies in the new biennium to serve our growing state with the most effective state government we can.” 

According to the National Association of State Budget Officers, North Carolina is one of 45 states that ended the recent fiscal year with revenues above the forecasted amount.