Georgia’s pandemic-era revenue hot streak is over, but things don’t look dire. That’s the high level from state economist Jeffrey Dorfman, who spoke to state lawmakers Tuesday.
Why it matters: Dorfman’s revenue estimates drive the size of the state budget each year.
Driving the news: Dorfman is projecting what he calls a “conservative” figure for state revenues for the fiscal year 2024 at nearly $32.5 billion — roughly on par with the current fiscal year 2023. That’s down from a pandemic high of $37 billion last year.
The big picture: The state’s record-high budget surplus last year ($6.6 billion) is also not likely to repeat itself.
- Dorfman told lawmakers more than half of that came from capital gains taxes paid after business and stock investment sales during the hot pandemic market, which are unlikely to reappear.
The intrigue: The size of Georgia’s workforce remains a headwind for Georgia’s growth, Dorfman said. The state added nearly 170,000 new jobs since the start of the…
Read the full article here
