Georgia’s tax collections ran more than $2 billion ahead of projections for the budget year that ended June 30, even though tax revenues fell slightly.
That means even though Republican Gov. Brian Kemp and lawmakers decided earlier this year to spend part of the state’s surplus, that cash cushion will be larger than expected when the state closes the books on the 2024 budget year in coming months. It was last estimated at $10.7 billion.
It also means that Kemp’s administration for the fourth year significantly underestimated how much Georgia would collect in taxes, meaning money is held in surplus instead of being used to boost spending on government services or cut taxes.
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