Georgia now has $10.7 billion in surplus cash after the state ran a huge surplus for the third straight year. The State Accounting Office said Monday that Georgia ran a $5.3 billion surplus in the 2022 budget year ended June 30. The state has other reserves, as well, including a rainy day fund filled to the legal limit of $5.
ATLANTA — Georgia now has $10.7 billion in surplus cash that its leaders can spend however they want after the state ran a huge surplus for the third straight year., said Georgia ran a $5.3 billion surplus in the 2022 budget year ended June 30, even after spending $32.6 billion.
Some state tax collections are cooling off, especially once $185 million a month in fuel taxes are knocked off. The governor’s office said Monday that state tax collections in September, when motor fuel tax collections are excluded, fell by about $100 million compared to the same month in 2022. The declines are mostly in personal income tax collections.
One of the Republican Kemp’s strongest powers as governor is setting the revenue estimate, an amount that state law says legislators cannot exceed when writing the state spending plan.
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