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Georgia Government Revenue & Expenditures. How the state provides services to residents. Important Terms to Know. Revenue —source of income for the government Expenditure —plan for spending revenue Fiscal year —the budgetary spending year; this is typically not a traditional calendar year

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georgia government revenue expenditures

Georgia Government Revenue & Expenditures

How the state provides services to residents

important terms to know
Important Terms to Know
  • Revenue—source of income for the government
  • Expenditure—plan for spending revenue
  • Fiscal year—the budgetary spending year; this is typically not a traditional calendar year
  • Scarcity—occurs when wants & needs are unlimited but resources are limited
  • Surplus—tax collections exceed the state’s spending needs
  • Deficit—when expenditures exceed revenue collections
the state budget
The State Budget
  • Each year a state budget is created that allows GA to use collected revenues to meet the needs of GA’s residents
  • The budget can be changed due to changes in economic conditions
  • GA constitution requires a balanced budget that matches expenditures with revenues
state budget cont
State Budget Cont.
  • 3 types of budgets:
    • Original budget--planned spending for 1 fiscal year
    • Amended budget—when changes are made to the original budget to add, delete, or transfer funds to keep the budget in line w/ state law
    • Supplementary budget—changes made to original budget to cover new spending when additional or unspent funds are available
georgia s revenue sources
Georgia’s Revenue Sources
  • 3 sources:
    • State funds & Federal funds: these monies are used to plan the budget
      • Include income taxes, sales taxes, other taxes & fees, lottery receipts, indigent care trust funds, & tobacco settlement funds
    • Special Fees collected by agencies—these are typically kept by the collecting agency such as state parks collecting their entrance fees
  • About 90% of GA’s revenues come from taxes
distribution of revenue
Distribution of Revenue
  • State, county and municipal gov’ts all use collected revenues to provide services for residents
  • Education is the largest expenditure for the state gov’t (also for county gov’ts)
  • Other expenditures include wages & salaries for employees, public safety, & transportation
how choices are made given limited revenue
How Choices Are Made Given Limited Revenue
  • Scarcity occurs when revenues fall short of needs
  • GA required by law to provide essential services: education, road construction & repair, & health services
  • Taxes can be raised to provide these/meet increased demand; residents typically will agree to tax increases to meet these needs
  • Spending monitored through reports submitted to the state each quarter
    • Ensures money is used appropriately
    • Each agency has enough/needs more/ has a surplus
    • Reports used to decide spending for the next fiscal year
  • Surpluses occur when tax collection exceed spending needs; surplus funds are generally placed the State Reserve Funds (like a savings acct) to use for future needs
  • Deficits occur when the state spends more money than it takes in
    • GA cannot have a deficit so the governor and lawmakers use surplus funds to balance the budget or make cuts in spending, even on important public services
  • GA maintains a stable economy during recessions/depressions because of the use of a fiscal budget, a supplementary budget & saving surplus funds.