GEORGIA — Today, the Georgia Budget and Policy Institute (GBPI) released a statement in response to the state’s publication of the Georgia Department of Revenue’s Annual and Fiscal Year Report (2023).
Statement from Staci Fox, President and CEO, GBPI:
“Georgia’s revenue collections are on track to once again surpass estimates for FY 2024, marking the fourth consecutive year of significant surpluses. Despite having these resources on hand, the state continues to maintain a record imbalance between revenue generated and appropriations allocated to meet the needs of our residents. This presents a historic opportunity for our leaders to address chronic underfunding in core areas such as health care, education, and human services and to tackle glaring gaps in child care support. By doing so, we can ensure our economy is positioned to thrive in the future.
Last year, GBPI published a report outlining strategies for utilizing unobligated funds to better serve Georgians. While the state has increased investments in child care, student transportation and pay raises, these efforts fall short of what is necessary to fully and equitably address the state’s needs. We call on the state to release the unspent public dollars that currently exceed the $5.4 billion Revenue Shortfall Reserve and incorporate these funds into the regular appropriations process. Georgia remains without statutory guardrails to govern the use of surplus funds above the limit set for the Revenue Shortfall Reserve—which means that approximately $11 billion is held outside of the traditional fiscal process.”
Georgia Budget and Policy Institute will soon publish the FY 2025 Georgia Budget Primer, providing a comprehensive analysis of the state’s fiscal position and offering detailed recommendations for future budget allocations to equitably support all Georgians.
