Georgia state government cash reserves keep growing despite higher spending [Video]

(AP) – Georgia’s bank accounts bulge ever fatter after revenue collections in the 2023 budget year outstripped efforts to spend down some surplus cash.

State government now has more than $11 billion in unallocated surplus cash that leaders can spend however they want, after Georgia ran a fourth year of surpluses.

The State Accounting Office, in a Tuesday report, said Georgia ended up collecting more than it spent even after officials boosted spending on one-time projects. Georgia spent $37.8 billion in state money in the 2023 budget year ending June 30 but collected $38.2 billion in revenues.

The state has other reserves, as well, including a rainy day fund filled to the legal limit of $5.5 billion and a lottery reserve fund that now tops $2.4 billion. All told, Georgia had $19.1 billion in cash reserves on June 30, an amount equal to more than half of projected spending of state revenue for the …