Tax Revenues Get a Lift: June Numbers Outperform Expectations
Year-End Numbers Show a Slight Dip: But Georgia’s Budget Surplus Offers a Cushion
According to Macon, Georgia’s tax money increased in June. This is good news! The state got $3.03 billion in taxes, which is 6.5% more than last year. People paid more income tax and businesses paid more corporate tax.
But, when we look at the whole year, the state got less money than last year. It got $32.95 billion, which is 0.5% less. This is because the state didn’t collect sales taxes on gas and other fuels for a long time. When we count this, the state lost 3.4% of its money.
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The State’s Safety Net: A $16 Billion Surplus to Weather Any Fiscal Storm
The state has a big safety net to help it deal with this problem. It has a $16 billion surplus that it saved up over time. This means the state can handle any problems that come up. So, even though the state got less money than last year, it’s not a big worry because it has a lot of extra money saved up.