| Legislative
Bulletin |
MARCH
23, 2001 |
 |
 February
revenue report
Sagging
collections of individual income taxes
another dramatic sign of slowing national economy
Individual
income tax collections came in $125 million below budget last
month, one of the most dramatic signs yet of the slowing
national economy. The state had expected to collect $428.1
million in personal income taxes but received just $302.9
million, according to numbers NCCBI obtained from the State
Controller's Office. Compare those numbers to February 2000
when the state racked up $494.5 million in individual income
tax collections. See chart below.
Corporate income taxes remained weak in
February and are now nearly $100 million below target for the
year. Sales tax collections broke through to positive ground
for the month, with $277.5 million collected vs. $263 million
budgeted, but the year-to-date total is still more than
$77million below forecast at $2.34 billion vs. $2.41 billion.
Franchise tax collections remain one of the few bright spots
in the state budget, with $52.7 million collected in the month
vs. $45.4 million budgeted. For the year, franchise taxes are
nearly $36 million over budget and are the only major line
item in positive territory.
Meanwhile, North Carolinas seasonally-adjusted unemployment
rate for February climbed a bit to 4.4 percent to surpass the
national average for the first time since January 1982,
according to the Employment Security Commission (ESC). The
state jobless rate was 4.2 percent in January and 3.5 last
February 2000.The national unemployment rate held steady at
4.2 percent in February.
During the past year, the
N.C. civilian labor force has increased by 84,200 to
4,013,200. Employment in the state has increased 44,700, to
3,837,600. During the same period, North Carolina experienced
a net increase of approximately 72,000 jobs.
|
Jobless
Rates
|
Feb.
2001
|
Jan.
2001
|
Dec.
2000
|
Nov.
2000
|
Oct.
2000
|
Sept.
2000
|
Aug.
2000
|
July
2000
|
June
2000
|
May
2000
|
Apr.
2000
|
Mar.
2000
|
|
N.C.
|
4.4
|
4.2
|
3.9
|
3.9
|
3.9
|
3.8
|
3.8
|
3.6
|
3.7
|
3.6
|
3.4
|
3.4
|
|
U.S.
|
4.2
|
4.2
|
4.0
|
4.0
|
3.9
|
3.9
|
4.1
|
4.0
|
4.0
|
4.1
|
4.0
|
4.0
|
|
General
Fund Tax Revenues
$ in millions |
February
2001 |
February
2000 |
Collected
This YTD |
Collected
Last YTD |
Budgeted,
This Year |
Budgeted,
Last Year |
Collected
v. Budget |
| Individual
Income |
$302.90 |
$494.50 |
$4,698.20 |
$4,458.90 |
$7,650.70 |
$7,121.40 |
61% |
| Corporate
Income |
-12.4 |
23.1 |
178.4 |
443 |
689.5 |
829.2 |
26% |
| Sales and
Use |
277.5 |
280.6 |
2,336.10 |
2,250.20 |
3,613.30 |
3,374.30 |
65% |
| Franchise |
52.7 |
22.2 |
379.9 |
234.1 |
500.5 |
410.9 |
76% |
| Insurance |
7.3 |
4.1 |
98 |
95.5 |
288.7 |
305.7 |
34% |
| Beverage |
14.4 |
14.5 |
113.6 |
109.1 |
174 |
162.3 |
65% |
| Inheritance |
8 |
17.1 |
79.4 |
125.9 |
152.7 |
137.5 |
52% |
| Soft Drink |
|
0.1 |
|
1.3 |
|
1.5 |
|
| Privilege
License |
1 |
4.6 |
7.9 |
28.9 |
45 |
30.9 |
18% |
| Tobacco
Products |
3.4 |
3.6 |
28.2 |
29 |
42.4 |
42.8 |
67% |
| Real
Estate |
0.5 |
5.4 |
8.2 |
8.2 |
|
|
|
| Gift |
0.2 |
0.8 |
2.7 |
3.7 |
28.1 |
20.4 |
10% |
| White Goods |
0.3 |
0.4 |
0.7 |
0.7 |
|
|
|
| Scrap Tire |
0.7 |
1.2 |
1.5 |
1.6 |
|
|
|
| Freight Carr
Lines |
|
|
|
|
0.5 |
0.5 |
|
| Piped
Natural Gas |
6 |
9.8 |
32.2 |
27.4 |
28.3 |
30 |
114% |
| Other |
|
0.1 |
0.1 |
0.1 |
0.6 |
0.6 |
17% |
| Total Tax
Revenue |
662.5 |
882.1 |
7,965.10 |
7,817.60 |
13,214.30 |
12,468.00 |
60% |
| |
| Non-Tax
Revenue |
| Treasurers
Investments |
16.5 |
15.7 |
121.6 |
146.6 |
214 |
236.2 |
57% |
| Judicial
Fees |
9.7 |
8.6 |
70.9 |
67.7 |
112.8 |
127 |
63% |
| Insurance |
0.1 |
|
11.8 |
5.9 |
42.1 |
41.4 |
28% |
| Disproportionate
Share |
|
|
109.1 |
105 |
106 |
105 |
103% |
| Highway Fund
Transfer In |
|
|
6.8 |
6.8 |
13.8 |
13.6 |
49% |
| Highway
Trust Fund Transfer In |
|
|
170 |
170 |
170 |
170 |
100% |
| Other |
18.7 |
7.4 |
130.5 |
74 |
177.3 |
114.7 |
74% |
| Total
Non-Tax Revenue |
45 |
31.7 |
620.7 |
576 |
836 |
807.9 |
74% |
| Total
Revenue |
$707.5 |
$913.8 |
$8,585.8 |
$8,393.6 |
$14,050.3 |
$13,275.9 |
61% |
| Bond
Proceeds |
|
|
300 |
200 |
300 |
200 |
100% |
| Total
Availability |
$1,484.4 |
$2,320.6 |
$8,885.8 |
$9,556.3 |
$14,350.3 |
$14,438.6 |
62% |
|
|
|
