Georgia ranks 23rd for its fiscal health, report shows | Georgia

(The Center Square) — A taxpayer advocacy crew gave Georgia a “C” monetary grade, rating the state 23rd within the nation for its fiscal well being.

According to the non-profit Truth in Accounting’s “Financial State of the States 2023” report, Georgia had $46.907 billion to pay $46.923 billion price of expenses. As a consequence, the gang mentioned the state would wish $5 from each and every taxpayer to pay its exceptional expenses, which come with bonds and unfunded retiree well being care advantages.

“Georgia’s financial condition improved in 2022, but the state still needed $15.7 million to pay its bills,” in step with the report.

Georgia, like different states, noticed its financial situation enhance at the heels of federal COVID reduction cash and greater tax collections. However, the gang famous that unfunded worker retirement tasks, similar to pensions, “plague the state.”

“Unfortunately, the market conditions turned negative during fiscal year 2022, resulting in significant investment losses, which in turn caused the amount of unfunded promised pension benefits to increase,” in step with the report. “This volatility highlights the risk to pension systems and taxpayers when fixed benefits are partially funded by earnings from erratic markets.”

Nationally, Alaska crowned the listing, forward of North Dakota, Wyoming and Utah. New Jersey ranked on the backside of the listing, edging out Connecticut, Illinois and Massachusetts.

Meanwhile, a brand new report from the Georgia Budget & Policy Institute shows Georgia had a $16 billion “surplus” on the finish of fiscal 2023.

“The state has the chance to make a real difference in the lives of Georgians by investing in critical areas such as child care, education, and workforce development,” Danny Kanso, senior fiscal analyst for the Georgia Budget & Policy Institute, mentioned in a observation. “With $11 billion in undesignated reserves, we have the resources to make historic investments that will benefit all Georgians for generations to come.

“But lawmakers wish to act now, they usually wish to act responsibly,” Kanso added. “The other folks of Georgia deserve to understand that those public greenbacks are getting used correctly and successfully, and that they’re being directed in opposition to the spaces of biggest want.

“State leaders must work together to make the most of this once-in-a-generation opportunity to build a brighter future for all Georgians.”