(The Center Square) – Individual income tax revenue for a top three migration growth state is 3.87%, the North Carolina auditor confirmed in the Annual Comprehensive Financial Report.
Total revenues from the individual income taxes were up $637.82 million, said the report from first-term Republican state Auditor Dave Boliek. Corporate income tax rose 2.56%, or $38.47 million.
The state’s net position rose 6.51%, or $6 billion.
Consumer spending grew 3.28%, or $397.01 million.
The state’s Savings Reserve in the General Fund, colloquially known as the rainy day fund, on June 30 was at $3.62 billion. During the year, $1.104 billion was allocated to the Hurricane Helene Disaster Recovery Fund.
The annual report for the year ending June 30 includes revenues, expenses and financial trends. Six material adjustments identified by the audit have been corrected.
“The State Auditor’s Office audits the financial information used to determine whether North Carolina’s financial statements are reliable,” Boliek said in a statement. “Our team made six adjustments this year and had one material finding related to the Department of Commerce. Because of our team’s work, these issues were corrected, resulting in true and accurate financial figures being presented to the public. With the State Auditor Office’s opinion, state executives, policymakers, and industry leaders can confidently rely on these important financial statements for future decision-making.”
North Carolina is one of 14 states owning triple-A bond ratings – the highest available and meaning best terms for taking on debt – from the Big 3 of Standard & Poor’s, Moody’s Investors Service, and Fitch Ratings. Long-term debt owned by the state is $7.2 billion.
The U.S. Census in June released estimated population totals. North Carolina has swelled to 11.04 million. The Office of State Budget and Management says from July 2023 to July 2024 the state had the fourth largest population growth overall, and second-highest net domestic migration behind Texas.
Multiple published reports put North Carolina behind Texas and Florida for incoming migration from other states.
