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Georgia Yearly Expenses by Quarter
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Multi-State
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US-174-AZ
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How to fill out Yearly Expenses By Quarter?
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FAQ
Income taxes are the cornerstone of Georgia's revenue system, accounting for half of all state funds.
The majority of federal revenue comes from individual and corporate income taxes as well as social insurance taxes. When individuals and corporations earn more money, they pay more in taxes, and thus federal revenue increases.
The individual income tax is Georgia's top revenue source, generating between 40 and 45 percent of the state's total revenue. The corporate income tax is a flat tax (6 percent since 1969) on the income that a corporation generates within Georgia.
In Georgia in fiscal year 2015, 53.2 percent of total tax revenues came from income taxes. Education accounted for 43.3 percent of state expenditures in fiscal year 2015, while 21.9 percent went to Medicaid.
Georgia's 2022 fiscal year runs from July 1, 2021 through June 30, 2022. The total available funding to the state is $49.9 billion. That includes $27.3 billion in state funding, $15.6 billion in federal funding and $7.1 billion in agency funds.
Every U.S. state other than Vermont has some form of balanced budget provision that applies to its operating budget. The precise form of this provision varies from state to state. Indiana has a state debt prohibition with an exception for "temporary and casual deficits," but no balanced budget requirement.
Georgia is statutorily required to set a balanced budget. The state operates in a fiscal year that spans from July 1 to June 30. The state makes changes to the fiscal year budget twice a year. The budget determines the amount of money each state agency may spend by the end of the year.
Georgia is statutorily required to set a balanced budget. The state operates in a fiscal year that spans from July 1 to June 30. The state makes changes to the fiscal year budget twice a year. The budget determines the amount of money each state agency may spend by the end of the year.
Balance in the Operating Budget Most states have a balanced-budget requirement, but few take the requirement as seriously as does Georgia. The Georgia Constitution makes it illegal for the General Assembly to pass an operating budget that anticipates expenditures exceeding funds available.
