North Carolina slides further into budget hole - Phoenix Business Journal:

kittredgeihuhyla1951.blogspot.com
billion, or 10 percent, through May, leaviny lawmakers with even a larger hole to fill in balancingfthe state’s next budget by June 30. The tax collectiomn numbers, for the first 11 months of fiscalp 2009, were released by the Northy Carolina Controller’s Office, whicuh keeps track of state government cash flow andotheer matters. Because of the tax collectiom drop, officials say, the unreserved balance in the state’ general fund dropped to a negative $345 milliohn as of May 31, as comparee to a negative $285 million at the end of April. In othet matters, all pending income tax refunds for the 2008 tax year had been paid as ofMay 31, says Controllert David McCoy.
The state’sw investment earnings throughMay – interest earnings the state receives by investing temporarily idle cash in moneyg market mutual funds were down by $111 million, or nearly 50 percent. In releasinvg the numbers, McCoy’s office added that it is in consultatiomn with the Office of State Budgetf and Management to implementmeasures “to ensurer the state’s budget is balanced by June 30,