ATLANTA (AP) — Figures released Friday show Georgia’s state government preliminarily closed out its 2019-2020 budget year with a $1 billion drop in tax collections.
But the real budget shortfall won’t be known for weeks yet as state officials await delayed income tax receipts.
Whatever the budget hole ends up being, Gov. Brian Kemp and lawmakers have agreed it will be filled using the state’s rainy day fund. It had $2.8 billion at the beginning of the year.
By law, the state can’t run a deficit.
Georgia agreed to delay its yearly income tax deadline from April 15 to July 15, meaning some taxes haven’t arrived yet. Officials say that revenue will be credited to the now-ended budget year, reducing the shortfall.