North Carolina state tax collections continued to drop in September, coming in 6.2 percent, or $104 million, short of where they were the previous year, according to the Office of the State Controller.
With less cash on hand, fiscal managers had fewer dollars to invest in money markets and other short-term investments. As a result, investment earnings declined by $11.7 million, or nearly 76 percent, in September from a year ago.
So far in fiscal 2010, which began July 1, tax revenue is down by $156 million, or 3.7 percent, as the N.C. economy inches out of recession.
As of Sept. 30, the state’s general fund had a balance of $233 million in unreserved cash.
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