Georgia likely to again see multibillion budget surplus
ATLANTA - Georgia may have run a surplus of more than $5 billion in the just-finished budget year.
That’s after strong June tax collections meant that the state collected more than $33 billion in taxes in the year ending June 30. Collections rose 23% from about $27 billion the year before.
Georgia planned to spend more than $54 billion in the just-ended budget year, including federal money, lottery proceeds, and other fees and taxes that state agencies collect.
Final numbers won’t be clear until the state closes it books on the budget year around Labor Day.
The bulging bank account could make it possible to further cut taxes or expand services.
Individual income tax: Collections in June totaled almost $1.48 billion, for an increase of $181.1 million, or 14 percent, compared to FY 2021 when net individual tax revenues approached $1.30 billion.
Sales and use tax: Gross collections totaled $1.46 billion, for an increase of $171 million, or 13.3 percent, over FY 2021, when gross sales tax totaled roughly $1.29 billion. Net sales and use tax revenues increased by $77.6 million, or 12 percent, up from last year’s total of $644.9 million.
Corporate income tax: Net collections for the month totaled $479.4 million, which was an increase of $153.7 million, or 47.2 percent, over FY 2021 when net corporate tax revenues totaled $325.8 million.
Motor fuel taxes: Collections for June decreased by roughly $56.8 million, or minus-99.5 percent, from a total of $57.1 million last year, when motor fuel tax collections were impacted by a supply shortage caused by the May 7, 2021, cyber-attack on critical fuel line infrastructure across the southeast. The current decrease is dur to the suspension of the tax.
Motor vehicle tag and title fees: Revenue decreased by $2.3 million, or minus-7.2 percent, for the month, while title ad valorem tax collections increased by nearly $2.3 million, or 3.3 percent, over FY 2021.
Copyright 2022 WRDW/WAGT. All rights reserved.