Tax Collections Running 5 Percent Ahead Of Last Year

(12/7/07) Mixed economic forecasts to the contrary, Georgia’s tax collections for November were up 10.3 percent over the same month last year, and 5.4 percent ahead of last year for the first five months of the fiscal year.

Collections for the month were $1.4 billion, up $131.2 million over the same month last year. Collections for the year to date were just over $7 billion, up $357.5 million over the same period last year.

The results were released Friday. House Speaker Glenn Richardson, given a briefing ahead of the release, told reporters on Thursday “the preliminary revenue estimates are looking good for November.”

Sales tax collections, down in October, were back into positive numbers for the year to date - albeit single digit.

The state is doing better than some of its neighbors in that it has a $1.6 billion shortfall reserve (or $1.4 billion after the annual midyear adjustment for education is deducted.)

Richardson told reporters on Thursday that’s enough to see the state through any downturns that may come and it’s time to start thinking about tax relief. “I know that’s what the governor intends to do,” he said.

Earlier this week, Gov. Sonny Perdue offered a fairly optimistic outlook on the state’s economic future at an annual luncheon sponsored by the University of Georgia, while the dean of the business school warned that the state will be living on the economic edge for the next six months.

Here is the monthly report (Adobe Acrobat).