Livestream the House & Senate Joint Budget Hearings!

National Daughter Day, a completely made up holiday that Hallmark hasn’t yet managed to monetize and probably only exists to bolster facial recognition algorithms, was yesterday. Thus, I hereby declare today to be National Hearing Day!

Yes, there’s a Really Big Deal hearing happening in Washington today – maybe you’re listening or watching right now!

The other Really Big Deal hearings (for Georgia, at least) start today at 12:45 in room 341 down at the State Capitol. Can’t make it to downtown Atlanta? Don’t feel like putting on real pants in order to hear what the House and Senate Appropriations Chairmen have to say about the Governor’s proposed budget cuts? You’re in luck, because here’s the livestream!

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xdog
xdog

“Sen Appropriations Chairman Jack Hill notes that revenues for first two months of the year (July-Aug) are down $97 Million.”

I found August numbers. Most of the decline was from lower individual withholding payments which were off $90.9 million, 9.4 percent, compared to last year.

Sales tax collections were up 6.1 percent but disbursements to locals were up even more at 8.8 percent. On a dollar basis the state distributed more than they took in, which seems odd, unless there’s a seasonal or structural explanation.

https://gsfic.georgia.gov/monthly-department-revenue-collections

Charlie
Charlie

Dr Dorfman (state economist) had some more color around the YTD numbers with unofficial but current numbers as of last week, expects we’ll end September down .5% from last year. He noted however that the state economy must grow 2.5% this year just for tax revenues to break even with last year. That’s because of a $500M tax cut and about $200M increase in TAVT payments (the car title tax that replaced sales taxes) due to counties.

Charlie
Charlie

Thread for today’s hearing (1st half, i’m out now)

https://twitter.com/CharlieBHarper/status/1177553322359832576

Charlie
Charlie