North Carolina’s Office of State Budget and Management and the General Assembly’s Fiscal Research Division released an updated revenue forecast Tuesday that showed the state is expected to collect $60.4 billion in revenue over the next two years, reflecting a $6.5 billion increase over previous estimates.

The new estimate comes as the General Assembly draws closer to the deadline for budget negotiations. Lawmakers must create a state spending plan for the next two fiscal years during this legislative session. Each fiscal year starts July 1 and ends June 30 the following calendar year.