Budget Basics

Georgia’s 2024 fiscal year runs from July 1, 2023, through June 30, 2024. The total available funding to the state is $55.9 billion. That includes $32.4 billion in state funding, $17.9 billion in federal funding and $11 billion in agency funds and state employee benefit plan transfers. Before the Great Recession, adjusting for inflation, the state of Georgia spent about $2,987 per person in FY 2008. Under the 2023 budget, the state will spend about $46 less per person, a total of about $509 million less than if spending kept pace with growth.

The state budget outlines Georgia’s priorities, how it plans to spend money and how much revenue it expects to collect. It is the most important piece of legislation lawmakers pass. In fact, the budget is the only legislation that the General Assembly is legally mandated to pass each year. The Georgia Constitution also requires the state to maintain a balanced budget. If it raises more than it spends, remaining funds are automatically added to the state’s Revenue Shortfall Reserve savings account until it reaches 15 percent of prior year collections, at which point the funds shift to an ‘undesignated surplus’ account that can be tapped under the governor’s authority to set Georgia’s revenue estimate.

The budget process is ongoing and requires year-round engagement from advocates. Even as Georgia implements its current budget, it is auditing the previous year’s budget and planning for the next one. Beyond the General Assembly, many others participate in the process, including the governor, state budget director, state economist, agency leaders and budget officials, state auditors and the public.