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Representative Ron Forster
Chairman, Interstate Cooperation
Georgia House District 3
Republican - Ringgold

07/23/05

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The City of Fort Oglethorpe

The City of Ringgold

The City of Dalton

The City of Tunnel Hill

FOR IMMEDIATE RELEASE

State Budget Status

2005 General Assembly

July 23, 2005 -- Georgia's yearly budget period (fiscal year) extends from July to June.  The following report from Governor Perdue's office shows the dollar and percentage changes in various categories of Georgia tax revenue from last year to this year (7/2003 - 6/2004 to 7/2004 - 6/2005).

 As you can see, state tax revenues are up an overall 8 percent, good news after back-to-back revenue declines for several years.  Higher income and sales tax revenues means more people working, higher salaries and greater citizen and business confidence in Georgia's economic outlook.

 About $200 million of the $1 billion increase will be placed in the "rainy day" reserve, which was largely depleted in the recent recession.  Approximately $50 million will go towards the motor fuel reserve fund to maintain state roads and bridges.  The remainder was already budgeted primarily to fund costs directly associated with an increase in public education students and rising Medicaid consumption (15 percent increases per year).

 Next update, I'll compare Georgia's per resident spending with other states for public education, higher education, number of public employees and their salaries and corrections/prisons.

 ATLANTA – Governor Sonny Perdue announced that revenue collections for FY05 increased 8% over FY04.

 “Today’s revenue figures make it clear that Georgia’s economy continues to improve,” said Governor Sonny Perdue.  “I am pleased that we reached our conservative revenue target and will be able to begin replenishing the state’s reserve funds.”

 

GEORGIA DEPARTMENT OF REVENUE

Comparative Net Revenue Collections (unaudited - 000's)

 

 

 

Year-To-Date

 

$

 

%

 

 

GENERAL FUND

FY 2004

 

FY 2005

 

Change

 

Change

 

 

Tax Revenues:

 

 

 

 

 

 

 

 

Income Tax - Individual

$6,832,292

 

$7,280,815

 

$448,523

 

6.6%

 

 

Sales and Use Tax - General

$4,927,584

 

$5,281,884

 

$354,300

 

7.2%

 

 

Motor Fuel Taxes:

 

 

 

 

 

 

 

 

 

   Prepaid Motor Fuel Sales Tax

$255,730

 

$330,386

 

$74,656

 

29.2%

 

 

  Motor Fuel Excise Tax

$536,228

 

$461,391

 

$(74,837)

 

-14.0%

 

 

     Total Motor Fuel Taxes

$791,958

 

$791,777

 

$(181)

 

0.0%

 

 

Income Tax - Corporate

$494,711

 

$712,313

 

$217,602

 

44.0%

 

 

Tobacco Taxes

$227,347

 

$248,890

 

$21,543

 

9.5%

 

 

Alcohol Beverages Tax

$149,792

 

$150,038

 

$246

 

0.2%

 

 

Estate Tax

$65,674

 

$42,656

 

$(23,018)

 

-35.0%

 

 

Property Tax

$63,000

 

$65,919

 

$2,919

 

4.6%

 

 

    Total Tax Revenues

$13,552,358

 

$14,574,292

 

$1,021,934

 

7.5%

 

 

Other Revenues:

 

 

 

 

 

 

 

 

 

   Other Fees and Sales

$56,016

 

$118,922

 

$62,906

 

112.3%

 

 

Total Taxes/Other Revenues

$13,608,374

 

$14,693,214

 

$1,084,840

 

8.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

####

 

Serving Catoosa and Whitfield Counties,

For More Information Contact:

State Representative District 3
18 Capitol Ave., LOB Rm 614-C, Atlanta GA 30736
Tel: 404-656-3957
FAX: 404-656-0250
Internet: RForster@legis.state.ga.us

 

 

 

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Last modified: April 25, 2006