Governor Sonny Perdue says revenue figures for June dropped 16 percent from the same month last year. June ends the fiscal year—the overall decline is 10.5 percent.
The news threatens to leave state reserves dangerously low. A spokesperson for the governor says when the books are closed in the next few weeks Perdue will likely have to transfer $350 million from the state’s rainy day fund to cover the budget shortfall.
Worsening revenues have forced state agencies to make substantial budget cuts already and to furlough workers. The governor has suggested agencies set aside 3 percent of their July budget to prepare for more cuts.
(The Atlanta Journal Constitution)
Saturday, July 11, 2009
Georgia Tax Revenues Way Down
