Legislative leaders have several options to consider on how to spend the $1 billion surplus

North Carolina’s budget surplus fell $430 million short of the original projection. State budget officials originally estimated the state would have an approximately $1.4 billion surplus for the biennial budget, which combines FY2023-24 and FY2024-25. However, after taxes were collected in April, the surplus was reduced to roughly $1 billion. This means that state legislators will have nearly half a billion dollars less in funds available as they consider adjustments to the state budget for FY2024-25.