A solid June revenue total of $1.81 billion capped fiscal year 2015 with the highest revenue collections in the state’s history, totaling $19.028 billion. The gain over FY14 totaled $1.145 billion, a gain outdistancing all other years but 2006 and 2007. The overall growth rate of 6.4 percent put Georgia at the top of Southeastern states, as the state grew more than 7 percent in three of the four quarters and that quarter, July-September, 2014, grew at 5 percent.
FY 2015 revenues totaled some $508.4 million over the FY15 budget as amended this past session. The good news is that the state’s rainy day fund or RSR, will probably grow to the $1 ¼ billion range…the highest since 2007.
June revenues-solid growth
June’s revenues came in up 3.1 percent, gaining $55.1 million for the month. Individual income taxes grew 3.2 percent or $28.6 million. In that category, estimated payments grew 17.9 percent, along with withholding tax collections up $34.6 million or 4.6 percent. Refunds were up $36.6 million or 89 percent.
Net sales taxes were up $12.6 million, or 2.8 percent. Motor fuel taxes edged down 0.6 percent. Corporate income taxes were down slightly at -4.2 percent. Tobacco tax revenues were down slightly at -2.4 percent, while alcoholic beverages were up the same percentage, 2.4 percent.
Tag and title fees continued positive at 22.2 percent, or $20.5 million.
Georgia tops the Southeast for the year
Looking at the last 12 months, July-June, Georgia’s revenue growth is topping the Southeast coming in at 6.4 percent. The three states reporting yearly numbers include: Texas, 3.1 percent, Louisiana, -0.1 percent and Alabama, 3.7 percent. Georgia was leading the other Southeastern states after May’s revenue numbers so unless there was a huge increase for the other states Georgia may still be first.
Georgia’s year-end revenues
Total FY 2015 revenues: $19.028 billion, increased 6.4 percent
Increased FY 15 over FY 14: $1.145 billion
Individual income tax collections: $9.677 billion, 7.9 percent, increased $711.8 million
Net sales taxes: $5.441 billion, 5.2 percent, increased $271 million
Motor fuel taxes: $1.021 billion, 0.4 percent, increased $4.5 million
Prepaid (sales): $564.2 million, -0.8 percent
Excise taxes: $457.1 million, 2 percent
Corporate income taxes; $1billion, 5.9 percent, increased $55.8 million
Tobacco taxes, $215 million, -0.6 percent, decreased $1.2 million
Alcoholic beverages: $184.3 million, 3.5 percent, increased $6.3 million
Tag/title fee: $1.166 billion, 8 percent, increased, $86.4 million
Georgia experienced a solid year of revenue growth finishing at the top of Southeastern states. Per HB 170, though, the general budget will lose approximately $150 million in revenue as one-fourth of the present 4 percent sales tax on fuel is shifted to the excise tax and therefore, dedicated to transportation.
Legislation and final action may be accessed online at www.legis.ga.gov and the state budget can be accessed online at the Senate Budget and Evaluation Web site www.senate.ga.gov/sbeo/en-US/Home.aspx
I may be reached at
234 State Capitol, Atlanta, GA 30334
(404) 656-5038 (phone)
(404) 657-7092 (fax)
E-mail at Jack.Hill@senate.ga.gov
Or call toll-free at
1-800-367-3334 day or night
Reidsville office: (912) 557-3811
