ATLANTA — Georgia is still sitting on a large pile of money -- the state now has more than $11 billion in surplus funds that leaders can spend however they want.
But when you count Georgia's rainy day fund and lottery reserve, the state is sitting on more than $19 billion. Despite increasing spending, the state is still steadily outpacing what it is gaining in tax collections versus the money it is actually using.
But why are they saving it, and what could it be used for?
Gov. Brian Kemp has said he wants to make sure Georgia holds on to some money to pay for state income tax cuts. Some still argue that Kemp could use some of that money to improving and enhancing government services or cut taxes for Georgians.
The state collected another $5 billion in surplus revenue after the budget year ended in 2023, leaving Kemp with that $11 billion figure in extra cash to divvy out and spend how he wants, or either to invest or give back to taxpayers, which would be about $1,000 for every Georgia resident.
The gigantic boost in revenue began during the coronavirus pandemic and continued all the way into 2023, thanks to boosts in corporate income tax collections and sales tax collections.
Material from the Associated Press was used for this report.