June 8-- State Senator Jack Hill of Reidsville reports on state revenue and other topics in his column.
MAY REVENUES UP SLIGHTLY AT 2.1%
State Revenues totaled $1.241 billion for May but showing an increase of only $26 million or 2.1% for the month. Individual Income Tax collections, possibly affected by refunds, showed a slight -0.4% decrease. Net Sales Tax collections came in at $448.7 million for an increase of $16.7 million or 3.9% for May.
Motor Fuel Taxes were up 1.5% overall at $7.798 million with excise taxes down -1.0% and motor fuel sales taxes up 21.7% or $8.1 million.
Corporate Tax Collections showed an increase of some $3.6 million on collections of $7.9 million. Tobacco taxes were off 11.4% and Alcoholic Beverages were up $3.3 million or 29.8%.
TOTAL REVENUES STAND AT $14.5 BILLION WITH A MONTH TO GO
With only one month left in the fiscal year, the total state revenues collected stand at a 5.1% increase or a total increase of $702.9 million. For the state to pick up sufficient funds to add to the Revenue Shortfall Reserve, June needs to be a good month and barring any unusual refunds paid out, this is a definite possibility. The increase meets the budget projections needed so that concern seems to be satisfied. Individual Income Taxes for the 11 months are up $485.4 million or 7.1%, a healthy increase.
Sales Taxes YTD total $4.9 billion or an increase of $242.07 million or a net increase of a robust 5.2%. Motor Fuel Taxes are up overall10.1% or $84.4 million for a grand total over $916.8 million for the first time in a few years. The increase is all in excise taxes, by the gallon, which are up 22.2% while fuel sales taxes are down -2.6%.
After 11 months, corporate taxes are down $124.2 million or -22.2% with a month to go.
Tobacco taxes YTD are up slightly at 0.6% and Alcoholic Beverage Taxes are up 6.9% or $10.1 million.
REFUNDS UP FOR MAY, PAYMENTS UP IN $
For May, Individual Income taxes appeared to be affected by an increase in the number and amount of tax refunds paid out. The number of refunds increased by some 66,437 for the month and the amount of refunds paid out for the month increased by $44.9 million.
Individual Tax Payments were down in number by 18,847 but the amount received in payments was up for the month by $36.1 million.
Year To Date, Refunds are down in dollars some $143.5 million and Individual Payments are up YTD by some $351.1 million. These are both positive trends.
2011 CENSUS ESTIMATE-GEORGIA STILL GROWING!
One year plus after the 2010 Census, Georgia is showing almost 10 million population. The latest 2011 estimate pegs total state population at 9,815,210. This gain of 127,557 totals about 1.3%.
Nationally, the U. S. population has increased 2,846,379 which is an increase of less than 1% or about .92%
FOURTH DISTRICT-MOSTLY GROWTH
In the 2010 census, numbers showed for the ten-year period sharp growth in a couple of counties and steady growth in the others with only one county declining in population.
Presently these counties make up the Fourth Senatorial District: Bulloch, Candler, Effingham, Emanuel, Evans, Tattnall, & Treutlen. In the updated 2011 Census, the present 7 counties showed a total gain of 3,489 persons, a percentage gain of 1.75 or higher than the state average of 1.3%.
Individually, Bulloch County led the way with an increase of 2,664 persons since the 2010 census or a gain of 3.8% in just a year. Candler was next with a gain of 278 or a 2.5% increase. No other county was over 1% with Effingham at +0.8%, Tattnall at +0.7%, Evans at +0.6%. Two counties were negative since 2010: Emanuel, -31 people or -0.01% and Treutlen, -60 people or -0.9%.