RALEIGH, N.C. (AP) — North Carolina officials downgraded a projected state revenue surplus through mid-2025 by $430 million on Friday, citing lower than anticipated April 15 individual income tax payments due to recent business tax changes. Still, the state expects nearly $1 billion more to enter its coffers.

Last month, economists working for Democratic Gov. Roy Cooper’s administration and at the Republican-controlled legislature predicted formally that collections would exceed revenue budgeted for the year ending June 30 by $413 million. And that jump, they determined, would lead to another $1 billion more received in the fiscal year starting July 1 than projected in the current two-year state budget.

Now the consensus forecast indicates that the overage for this fiscal year will now be $188 million, with another $799 million expected next year, the Office of State Budget and Management and the legislature’s Fiscal Research Division said.