Welfare Watch - September 12, 2011 - August State Revenue Numbers up 9.1% 

The press release from the Governor concerning revenue numbers being up by 9.1 percent is good news for Georgia.  The first two months of the 2012 budget shows an increase in revenues and an upswing in Georgia’s economy.  As the Governor looks to developing his budgets this fall, an increasing revenue base may negate the need to implementing a 2% cut in the amended 2012 budget proposal.  

Press Release Governor’s Office: August revenue numbers up 9.1 percent 

The state of Georgia’s net tax collections for the month of August totaled $1.3 billion, an increase of $108 million or 9.1 percent compared to August 2010, Gov. Nathan Deal reported today. 

“The second month of fiscal year 2012 has continued the trend of year-on-year comparison growth,” said Deal. “I am particularly encouraged by this month’s results considering the global economic turbulence we are witnessing. It is with that turbulence in mind that I remain cautious about the months ahead.” 

The following changes within the various tax categories led to the overall revenue increase: 

Individual Income Tax: Individual Income Tax collections for August 2011 totaled $707 million, up from $624 million in August 2010 for an increase of $83.5 million or 13.4 percent. 

The following notable components within Individual Income Tax make up the overall increase: 

•      Individual Tax Assessments were up $6 million or $71.5 percent. 
•      Individual Withholding payments were up $56.5 million or 8.7 percent 
•      Individual refunds issued (net of voided checks) were down $7 million or 14 percent
•      All other Individual Income Tax categories combined for an increase of $14 million 

Sales and Use Tax: Sales and Use Tax collections for August 2011 totaled $433.5 million, up from $419 million in August 2010, for an increase of $14.5 million or 3.4 percent. The current month’s Sales Tax Distribution to local governments also increased $27.5 million or 7.3 percent compared to last year.