Revenue down in Georgia

Georgia's economy continues it’s decline. Governor Sonny Perdue reported today that state revenues were down in August by 7 percent from the same month last year. For the fiscal year that started July 1st, tax collections are down 6.8 percent. That translates to about $180 million.
Perdue has ordered state agencies to trim spending by 6 percent but also to come up with plans for even steeper cuts of 8 and 10 percent. Perdue says it's unclear if the state has hit the bottom of the economic downturn. And cuts deeper than 6 percent might be necessary. Most revenue streams are down sharply in Georgia including sales, income and corporate taxes.