North Carolina finished the 2025 fiscal year with total General Fund revenue of $34.56 billion. This is 1.2% (or $395 million) above the certified budget for the year that ended June 30, but below revenue projections used in budget proposals for 2025-27 biennium.
The state’s Consensus Revenue Forecasting Group anticipated overcollections of $544 million for FY 2025 in their February 2025 forecast. This projected amount was used by the Governor and both chambers of the North Carolina General Assembly in their 2025-27 biennium budget proposals. The final revenue amount is $149 million or 0.4% below the February revenue projection.
The group’s revised revenue forecast released in May reflected lower expectations for FY 2025. Final revenues were just 0.1% (or $32 million) higher than the May forecast.
Most of the surplus came from personal income tax and investment income. Business taxes (corporate income and franchise) also contributed to the revenue surplus, although corporate income taxes were slightly below expectations. Net sales tax fell slightly short of the certified budget.
Final FY 2024-25 General Fund Revenue Collections
| Tax | FY2025 Actuals | Difference over Certified Revenues | Difference over February Consensus | ||
|---|---|---|---|---|---|
| ($ millions) | ($ millions) | (%) | ($ millions) | (%) | |
| Individual Income | 17,012 | 233 | 1.4% | -107 | 0.6% |
| Sales and Use | 11,006 | -30 | -0.3% | -46 | 0.4% |
| Corporate and Franchise | 2,345 | 22 | 1.0% | -90 | -3.7% |
| Other Tax | 2,452 | 16 | 0.7% | 87 | 3.7% |
| Total Tax | 32,815 | 241 | 0.7% | -156 | -0.5% |
| Total Nontax | 1,744 | 154 | 9.7% | 7 | 0.4% |
| Total GF Revenue | 34,560 | 395 | 1.2% | -149 | -0.4% |
The Consensus Revenue Forecasting Group is comprised of economists from OSBM and the General Assembly’s Fiscal Research Division.
About OSBM
The Office of State Budget and Management (OSBM) is committed to serving North Carolinians by providing objective information and analysis to ensure a balanced budget and effective stewardship of public resources.