GA revenue down in August - WALB.com, South Georgia News, Weather, Sports

GA revenue down in August

By  Stephanie Springer  - bio | email

ALBANY, GA (WALB) - Tax collections are down again in Georgia, this time a whopping 16%. State revenue is also down by thousands of dollars.Some of that comes from how much some of you are spending these days. But Governor Sonny Perdue says there's another big reason for the big drop.

Uncertain times has many folks holding on tighter to their cash. Vincent Smith says nowadays he's more careful with his money and thinks twice before he spends."You know I have a full time job and I make pretty decent money but I think its wise for me to back up on spending right now until the economy gets better."

The same goes for Ellery Farrell, who says budgeting helps make his money last longer.

"I find it more plausible to take more time when I find out what l'm going to buy when I am going buy it and how much money lm going to spend I actually use a budget as opposed to just going out and spending money you know I cant afford to just take my wallet and open it without taking a serious look and to see how it is going to effect my outcome."

State tax revenue dropped a whopping 16.2% in August. Governor Sonny Perdue blames the drop partly because the state was still sending income tax refunds to Georgians from the returns they filed in April.

But, retailers we spoke with today say they still see a drop in spending and consumers admit they are much more cautious with their cash.

"I would suggest anyone who is going through difficult times to take a further look at what they are doing so they don't spend any excess money difficult times are requiring for us to you use some extra strength," said Farrell.

Collections were off $207 million from August of 2008. Income tax revenue, which was affected by the refunds, were down 20.8 percent from last year. Sales taxes were off 12.5 percent.

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