Home arrow NewsBreak arrow 2009 Archives arrow Senator Jack Hill on State Revenue
Senator Jack Hill on State Revenue
Monday, 14 December 2009

December 14--  Here's the latest on Georgia's revenue shortfall from Senator Jack Hill of Reidsville in his weekly "Notes From the Senate."

 

November Revenues – Gotta Get Better

November revenues for the state continued to follow the trend of the last 11 months although the year to date line appears to be continuing to flatten out.

 

November Revenues

Total Revenues:  -16.2%

Individual Income Taxes:  -16.7%

Sales Taxes – State Portion:  -14.8%

Motor Fuel Taxes:

            Excise Taxes (by Gal):  +1.2%

            Sales Taxes:   -29.4%

Corporate Taxes:  -$8.1 million

Tobacco Taxes:  +6.5%

Alcohol Beverage Taxes:  -1.6%

Motor Vehicle Tag/Title Fees:  -1.0%

 

Year to Date – July-November Cumulative over 2008

Total Revenues:   $5.8 billion (total received to date) or - $1.0 billion, -15.4%

Individual Income Taxes:  $3.0 billion (total received to date) or -$541.1 million, -15.2%

Sales Taxes – State Portion:   $1.99 billion (total received to date) or -$361.5 million, -15.4%
Motor Fuel Taxes:

            Excise Taxes (by Gal.):  +2.4%

            Sales Taxes:  -$66.1 million or -30.9%

 

Corporate Income Taxes:  -$56.6 million or -25.2%

Tobacco Taxes:  +0.6%

Alcohol Beverage Taxes:  +1.1%

Motor Vehicle Tag/Title Fees:  -2.5%

 

Brief Outlook for Balance of FY 2010

If revenues equal 2008-2009 numbers for the rest of the fiscal year, the 2010 budget is $1.26 billion under the original 2010 revenue estimate.

 

Given the July reduction totaling $900 million by the Governor, additional cuts or one-time funds will have to make up the $360 million shortfall.

 

This figure depends on two assumptions:

  1. Strong Christmas sales
  2. The balance of the seven months of FY2010 equals every month’s collections of one year ago.
 
< Prev   Next >
Advertisement
Advertisement


Copyright © 2014 Southeast Georgia Today Web Portal
This Site is Best Viewed with Screen Resolution of 1024 X 768 Pixels
Website Design & Hosting by Red Wheeler Associates, LLC