Governor Josh Stein released a statement on May 15 regarding the revised revenue forecast from the Consensus Forecasting Group, which includes economists from the Office of State Budget and Management and the General Assembly’s Fiscal Research Division. The updated forecast shows that state revenues have exceeded earlier projections due to a strong stock market.
The announcement is significant because it affects how North Carolina plans its budget and future investments. As revenues rise above expectations, leaders must decide how to manage these funds responsibly for long-term stability.
“With the strong stock market, revenues have exceeded our forecast. That is good news, but we can’t stake our future on stock market volatility. We need to make fiscally responsible decisions and continue to invest in what makes our state so strong: our people,” Stein said.
The Office of the Governor of North Carolina serves as chief executive for the entire state, executing laws, leading the Council of State, directing budgets, granting pardons, appointing executive officials, and serving as commander in chief of the North Carolina National Guard, according to the official website. Josh Stein has served as the state’s 76th governor during this period.
Looking ahead, officials will use this revised forecast as they make budgetary decisions intended to support residents while maintaining fiscal responsibility.
