An 11.5 percent increase in June’s monthly collections over the same month of 2013 provided the final boost to the fiscal year that ended June 30.
Total tax collections for the year reached $17.9 billion, which is about $200 million more than the revised revenue estimate included in the budget for the last fiscal year. The last fiscal year started with a $339 million surplus from the previous year which brought the state’s reserves to $717 million.
The final tally for the new surplus won’t be complete for a few more months when all of the accounting is finalized, according to Sasha Dlugolenski, a spokeswoman for Gov. Nathan Deal.
Among the various types of taxes collected in June, the one with the biggest percentage change was the corporate income tax which jumped 28 percent, or $44 million. The biggest dollar increase was from individual income tax collections, rising 12 percent or $94 million.
Sales taxes rose 6 percent in June compared to that month in 2013, even after accounting for a law change that switched car tags from an annual basis to a lump sum at purchase.
The rising income-tax withholding and estimated payments are generally considered evidence of increased employment while growing sales taxes usually indicate consumers are becoming more confident and willing to make larger purchases.