Georgia Revenues Up $879M For Fiscal Year

July 14, 2014 11:33 am

by Charlie · 5 comments

Georgia has announced that year over year revenues increased just under $900M for the fiscal year ending June 30th.  Per the AP via the AJC:

ATLANTA — A new report shows Georgia has ended the fiscal year with an increase in revenues of about $879 million, a 5.2 percent increase over the previous year.

“Gov. Nathan Deal‘s office said Monday that Georgia’s net tax collections for the fiscal year totaled nearly $17.9 billion, due in part to a large increase in corporate income tax collections. For the fiscal year, those corporate collections totaled $944 million, an increase of 18 percent over the previous year’s total of $797 million.

I briefly saw a tweet this morning that says June revenues were up about 11%.  That would imply that the growth was accelerating toward the end of the year, and that Georgia’s economic recovery is continuing.  Announcements like the one this morning that Beaulieu will be investing $200M to bring 350 jobs to Bartow County provide anecdotal evidence.

We need to ensure that the dividends of this growth are managed well.  Since the recovery began, we have directed a majority of each year’s increase back to education to restore cuts and eliminate furlough days.  That’s likely to continue.

The state, like the rest of us, continues to see the costs for Health Care increase faster than inflation, so that’s a chunk of the budget.  This is mostly baked into the cake.

We also significantly under spend every other state when it comes to transportation infrastructure, and that must be our next priority to address.  The “fourth penny” of the sales tax on motor fuels currently goes to the general fund instead of the DOT.  The state constitution mandates that taxes on motor fuels go to the DOT to be spent on transportation.  Now that we’re growing robustly, it’s time to correct this part of the problem.

{ 5 comments… read them below or add one }

View from Brookhaven July 14, 2014 at 12:07 pm

Well, that’s unacceptable.
Cut all the taxes!

Charlie July 14, 2014 at 12:13 pm

No, we’re taxed enough already. Status quo is perfect and can never change. Ever.

saltycracker July 14, 2014 at 12:48 pm

;) it ain’t what we got but how we abuse it !

notsplost July 14, 2014 at 2:38 pm

If revenues are up mainly due to corporate income taxes and not personal income taxes, what does that say about the health of the individual vs. the health of the corporation?

Also that 11% figure if it is month-over-month may reflect a typical seasonal surge in receipts due to end of quarter filing. If it’s year-over-year, then forget what I just wrote in the previous sentence.

Charlie July 14, 2014 at 3:53 pm

I interpreted it as year over year, which is how these stats are generally given.