By: State Sen. Greg Goggans
ATLANTA (Dec. 14, 2009) –
November State Revenues Recap
November revenues for the state continued to follow the trend of the last 11 months although the year to date line appears to be flattening out, following a recent pattern. November makes this the 10th of the last 11 months we have seen a double-digit decline in state revenue. Listed below are the figures for November 2009 compared to the November 2008 totals, and the cumulative revenue totals for the current Fiscal Year 2010 (compared to July-Nov. in FY2009)
November Revenues – By the Numbers
Total Revenues: down 16.2 percent (approx. $230 million)
Individual Income Taxes: down 16.7 percent
Sales Taxes – State Portion: down 14.8 percent
Motor Fuel Taxes:
Excise Taxes (by Gallon): up 1.2 percent
Sales Taxes: down 29.4 percent
Corporate Taxes: down $8.1 million
Tobacco Taxes: up 6.5 percent
Alcohol Beverage Taxes: down 1.6 percent
Motor Vehicle Tag/Title Fees: down 1 percent
Year to Date Numbers: July-November 2009 Cumulative Totals*
Total Revenues: $5.8 billion (total received to date) or down $1.0 billion (-15.4%)
Individual Income Taxes: $3.0 billion (total received to date) or down $541.1 million (-15.2%)
Sales Taxes – State Portion: $1.99 billion (total received to date) or down $361.5 million (-15.4%)
Motor Fuel Taxes:
Excise Taxes (by Gallon.): down 2.4 percent
Sales Taxes: down $66.1 million (-30.9%)
Corporate Income Taxes: down $56.6 million (-25.2%)
Tobacco Taxes: down 0.6 percent
Alcohol Beverage Taxes: up 1.1 percent
Motor Vehicle Tag/Title Fees: down 2.5 percent
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: strong Christmas sales, which will be reflected in the December revenue numbers; the balance of the seven months of FY2010 equals every month’s collections of one year ago.
However the final revenue numbers play out, in good times and bad our government must continue to commit ourselves to strong fiscal responsibility. I am confident our conservative leadership will help us weather the economic storm and keep us on track for future growth and job creation once the recession is over.
Please remember to contact me in my office on the issues that are affecting you and your area. I am here to represent you and it is an honor for me to work on your behalf. As always, I’d like to thank members of the Senate staff, who contribute regularly to my column.
Sen. Greg Goggans represents the 7th Senate District, which includes Atkinson, Bacon, Berrien, Clinch, Coffee, Echols, Lanier, Pierce and Ware counties and a portion of Cook County.
PRESS RELEASE
For Immediate Release:
December 14, 2009
For Information Contact:
Matt Colvin, Broadcast Specialist
matthew.colvin@senate.ga.gov
404.656.0028