Here are the current numbers that will drive our state’s upcoming budget discussions.
Medicaid: The hole in Medicaid has grown to between 250 and 260 million dollars. Part of the growth is due to the double-digit unemployment numbers in our state.
Revenue collection: State revenue collections are $45 million bellow the $12.1 billion target through February.
Income tax withholding: Currently the state is seeing income tax withholding down 4.1% through February. $145 million bellow target.
Sales tax collections: Sales tax collections are down 11.0% and net collections are up 12.2% however the current budget expected a 15.9% increase. We are currently $125 million below target.
Budget Deficit for 2010: Last week Governor Bev Perdue stated that her economic team forecasts a $1 billion dollar deficit for the coming budget year and a possible $3 billion dollar deficit for the 2011-2013 budget.