ATLANTA (AP) — Georgia may have run a surplus of more than $5 billion in the just-finished budget year.
That’s after strong June tax collections meant that the state collected more than $33 billion in taxes in the year ending June 30. Collections rose 23% from about $27 billion the year before.
Georgia planned to spend more than $54 billion in the just-ended budget year, including federal money, lottery proceeds, and other fees and taxes that state agencies collect.
Final numbers won’t be clear until the state closes its books on the budget year around Labor Day. The bulging bank account could make it possible to further cut taxes or expand services.