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State sets record in monthly revenue
Hill Jack
Sen. Jack Hill

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 and the state budget can be accessed online at the Senate Budget and Evaluation Web site

I may be reached at
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