That’s more than enough to fund the budget and leave some money left to roll over into the state’s savings account.
When he retires in January, Gov. Nathan Deal hopes to leave his successor a $2.5 billion reserve.
Revenue is also expected to pick up in the new fiscal year as the state feels the impact of federal tax changes and, starting Jan. 1, can start collecting taxes on internet sales, thanks to a recent Supreme Court decision.
Tax collections have been slow since February, but a strong first eight months of fiscal 2018 provided a financial cushion for officials monitoring the state budget.
Deal’s budget director, Teresa MacCartney, said the state will need about a 4.1 percent increase in collections in fiscal 2019, which began July 1, to meet its budget.
Georgia tax collections
Below is the 2018 monthly state tax collection increase, or decrease, over the same month in 2017
January: 16.7 percent
February: 4.8 percent
March: -0.5 percent
April: 2.2 percent
May: 1.8 percent
June: 1.0 percent
Source: Georgia Department of Revenue
Stay on top of what’s happening in Georgia government and politics at PoliticallyGeorgia.com.