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On behalf of the Georgia State Financing and Investment Commission, I would like to welcome you to our State’s new investor relations website. We appreciate your interest and investment in bonds issued by the State, as it allows us to make critical investments in public infrastructure throughout our state. We are committed to maintaining our strong bond ratings, and we are also committed to being as transparent as possible with the investor community and public at large.
I hope you find this website useful as you seek to better understand the credit fundamentals of our State. Please do not hesitate to contact our office with suggestions for how we can be doing better. Thanks again for your interest in our bond program.
Diana Pope, Director, Financing & Investment
The State of Georgia’s net tax collections for March totaled nearly $1.90 billion for an increase of almost $67 million, or 3.7 percent, compared to March 2020, when net tax collections totaled $1.83 billion. Year-to-date, total net tax collections approached $18.94 billion, for an increase of roughly $1.55 billion, or 8.9 percent, compared to FY 2020 when net tax revenues totaled $17.39 billion after nine months.
The deferred commencement of Individual Income tax return processing – concurrent with the Internal Revenue Service (IRS) guidance that directed the acceptance and processing of 2020 Individual tax year returns beginning February 12, 2021 – delayed income tax refund processing and contributed significantly to the highly favorable net tax collection revenue variance reported in February. Subsequently, an acceleration of refund processing in the March reporting period reduced the impact of the refund processing delay on year-to-date net revenue collections.
**February Net Tax Revenues Top $1.9 billion **
The State of Georgia’s net tax collections for February totaled over $1.93 billion, for an increase of $581 million, or 42.9 percent, compared to February 2020, when net tax collections totaled $1.35 billion. Year-to-date, net tax collections totaled nearly $17.04 billion, for an increase of almost $1.48 billion, or 9.5 percent, over last year, while year-to-date gross tax collections totaled $22.62 billion, for an increase of $1.38 billion or 6.5 percent over FY 2020.
February’s net tax collections growth was greatly influenced by the State of Georgia’s concurrence with the Internal Revenue Service (IRS) guidance that directed the acceptance and processing of 2020 Individual tax year returns beginning February 12, 2021. This deferred commencement of tax returns processing led to a corresponding delay in tax refunds, which yielded an extraordinarily favorable net revenue variance within the Individual Income Tax category and in net revenue collections overall. This highly favorable variance is depicted in the section below detailing notable year-over-year variances within the Individual Income Tax category. Over the next several months refund processing will be accelerated, which will moderate the disproportionately favorable impact on the financial results reported in February and mitigate the large, short-term impact of the processing delay.
Atlanta, GA – Today, Governor Brian P. Kemp joined Lt. Governor Geoff Duncan and other legislative leaders to sign the amended fiscal year 2021 budget.
"Today, I am signing a budget that reflects our values as a state. By restoring education funding, making key investments in expanding internet access, prioritizing public health, giving 57,000 state employees a well-deserved bonus, and spurring economic development in every corner of our state, this budget ensures Georgia will continue being the best state to live, work, and raise a family. As other states look to furlough workers, cut essential services, or raise taxes, we acted early in the pandemic to budget conservatively and protect both lives and livelihoods. I thank Lt. Governor Duncan, Speaker Ralston, members of the General Assembly, and the House and Senate budget staffs who worked closely with my office to get this budget across the finish line. By working together, we will make sure Georgia's best days are still ahead." - Governor Brian Kemp
“While other states continue to make budget cuts, or are preparing for looming deficits, Georgia is a testament that states can prioritize both lives and livelihoods. This amended budget not only restores critical funding, but provides a foundation for continued growth – even in the midst of the coronavirus pandemic. Georgians should be proud of the teamwork their state leaders exhibited to get this budget to the finish line. I want to thank Chairman Tillery, and the Senate Budget staff, who worked tirelessly to ensure a conservative, balanced budget." - Lt. Governor Geoff Duncan
“Working together, we have arrived at an amended budget that prioritizes the state’s response to COVID-19 and helping our people through this pandemic. We have allocated additional funding to the Department of Public Health for more staff and technology. We have added more than half a billion dollars to public schools, and we have provided teachers and many state employees with a $1,000 bonus to reward their efforts. With our AAA-bond rating and strong reserve fund, the nation’s #1 state for business continues to budget conservatively, and we can be proud that our budget reflects our shared commitment to keep Georgia healthy and growing. I want to thank Governor Kemp, Lt. Governor Duncan and the members of the Senate for working with Chairman Terry England and the rest of our House members on this budget.” - Speaker David Ralston