A $430 million correction

North Carolina budget officials last month projected a $1.4 billion budget surplus over the biennium. They're now saying the surplus will be just under $1 billion. Here's why:

Last month, North Carolina economists within the Office of State Budget and Management and the legislature’s Fiscal Research Division announced an expected $400 million surplus for the current fiscal year and a $1 billion surplus for the upcoming fiscal year starting July 1.

This has prompted lots of discussion by Gov. Roy Cooper, Senate leader Phil Berger, House Speaker Tim Moore and others about how best to spend the extra $1.4 billion expected to enter state coffers over the biennium. Among the proposals being considered: Tax rebates, teacher pay raises and fully funding the state’s school voucher program, also known as opportunity scholarships.