North Carolina’s budget increased cumulatively less than pop+inf in state funds, but more than pop+inf in all funds from 2014-23, meaning state taxes are lower than otherwise, but total taxes are higher than the average taxpayer can afford. 

  • The 2023 state funds budget is $2.9 billion lower than it would have had spending grown at the rate of population growth plus inflation over the past decade.
  • Because the state funds budget grew slower than population growth plus inflation for the last ten years, the state spent and taxed $4.4 billion less than possible.
  • The 2023 all funds budget is $4.8 billion higher than it would have been had spending grown at the rate of population growth plus inflation over the past decade.
  • Because the all funds budget grew faster than population growth plus inflation over the past decade, the state spent and taxed $40.7 billion too much.

State Funds Budget Data

  • Estimated FY 2024 Only State Funds Budget ($ Billions): $36.89
  • FY 2025 Only State Funds Budget Limit ($ Billions): $39.31
  • FY 2025 Only State Funds Budget Limit Growth ($ Billions): 6.56%
  • Cost per person of state funds budgeting more than pop+inf over the last decade in 2023 budget: ($264)
  • Cost per family of 4 of budgeting more than pop+inf over the last decade in 2023 budget: ($1,056)
  • Cumulative cost per person of state funds budgeting more than pop+inf over the last decade from 2014-23: ($410)
  • Cumulative cost per family of 4 of state funds budgeting more than pop+inf over the last decade from 2014-23: ($1,639)

State All Funds Budget Data

  • Estimated FY 2024 All Funds Budget ($ Billions): $61.70
  • FY 2025 All Funds Budget Limit ($ Billions): $65.74
  • FY 2025 All Funds Budget Limit Growth ($ Billions): 6.56%
  • Cost per person of all funds budgeting more than pop+inf over the last decade in 2023 budget: $443
  • Cost per family of 4 of all funds budgeting more than pop+inf over the last decade in 2023 budget: $1,771
  • Cumulative cost per person of all funds budgeting more than pop+inf over the last decade from 2014-23: $3,753
  • Cumulative cost per family of 4 of all funds budgeting more than pop+inf over the last decade from 2014-23: $15,011

Other Considerations