Still in the money: Georgia government will pocket another $5 billion budget surplus

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Georgia will collect another $5 billion in surplus revenue after the just-concluded budget year, which could leave lawmakers and Gov. Brian Kemp with more than $10 billion in extra cash to spend, invest or give back to taxpayers.

Final numbers for the 2023 budget year that ended June 30 won’t be clear for weeks. But numbers announced Wednesday by the state Revenue Department show taxes collected by that department matched last year’s $33 billion, while the Republican Kemp had estimated a $5.4 billion decrease.

Police K-9 Rex struggles with his handler Trooper First Class Gustabo Deanda during a graduation ceremony, Thursday, July, 13, 2023, at the governor’s mansion in Atlanta. Georgia first lady Marty Kemp, second from left, helped rescue Rex from an animal shelter last year and arrange for him to enter training with the Georgia Department of Public Safety. Georgia Gov. Brian Kemp, third from left, watches.

“The governor looks forward to working closely with the General Assembly on priorities for how the state’s one-time funds will be used in a strategic, fiscally responsible way that does not commit short-term revenue gains to long-term obligations,” spokesperson Andrew Isenhour said in a statement. “He’s been very off on revenue projections, and it’s time to break with the building up a cash surplus and hoarding,” Orrock said. “It’s time to come to the table with a plan to fund the services Georgians are crying out for.”

Kemp dipped into the surplus this year for a second $1 billion round of state income tax rebates, giving taxpayers between $250 and $500 back. But a property tax rebate program, giving the typical homeowner about $500, was paid for inside the budget, spending some of the state’s increased revenue.

 

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