North Carolina Breakdown of Savings for Budget and Emergency Fund
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How to fill out Breakdown Of Savings For Budget And Emergency Fund?
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North Carolina's largest spending areas per capita were elementary and secondary education ($1,558) and health and hospitals ($1,534). The Census Bureau includes most Medicaid spending in public welfare but also allocates some of it to public hospitals.
North Carolina's budget basics According to the National Association of State Budget Officers (NASBO), North Carolina's total expenditures in fiscal year (FY) 2021 were $59.9 billion, including general funds, other state funds, bonds, and federal funds.
The largest source of tax revenue was sales tax (48%), followed by income taxes (41%), licensing taxes (6%), other taxes (4%), and property taxes (2%). During fiscal year 2014, North Carolina's state government collected $23.4 billion in taxes.
Revenues come mainly from tax collections, licensing fees, federal aid, and returns on investments. Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.
In North Carolina contribute to the state's priorities through tax dollars. The individual income tax is North Carolina's biggest source of tax revenue, bringing in $12.5 billion in the 2018 fiscal year (FY2018). As of Jan. 1, 2019, North Carolina has a flat individual income tax rate of 5.25 percent.
State and local governments spend most of their resources on education, health, and social service programs. In 2019, about one-third of state and local spending went toward combined elementary and secondary education (22 percent) and higher education (9 percent).
Revenues come mainly from tax collections, licensing fees, federal aid, and returns on investments. Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.
Housing, transportation and food are generally the three biggest expense categories for the average American household each year, according to the Consumer Expenditures Survey. In 2020, housing costs (like rent and utilities) represented about 35% of the average person's budget.
OSBM evaluates agencies' budget requests and prepares the Governor's budget recommendations to present to the North Carolina General Assembly. By law, the state budget must be balanced based on revenue projections for the fiscal year.
OSBM evaluates agencies' budget requests and prepares the Governor's budget recommendations to present to the North Carolina General Assembly. By law, the state budget must be balanced based on revenue projections for the fiscal year.
