Georgia improved its financial condition in 2024, finishing the year with $13.6 billion more than needed to pay its bills, according to Truth in Accounting.
The surplus of $4,000 per taxpayer helped earn the state a “B” grade, one of 20 states to earn the mark. Georgia recorded $7.5 billion in revenues, exceeding expenses; while positive, it was $2.7 billion smaller than last year.
Analysts attributed the decline largely to a $5.2 billion drop in federal operating grants and contributions, partly offset by a $1.4 billion rise in general revenues. Gains included a $767.2 million rebound at the Department of Revenue and a $671.2 million increase in investment income.
Pension liabilities eased on strong market performance.
Truth in Accounting noted that substantial, temporary federal aid since 2020 has improved Georgia’s position and boosted the cash available to meet its obligations. As that aid recedes and national budget tightening persists, funding could return to pre-pandemic levels.
Modeling a return to 2019 federal grants and contributions, adjusted for inflation, the report projects a potential $7.5 billion reduction in federal support. That shortfall would equal roughly 10% of the state’s projected expenses for its primary government.
It could complicate efforts to maintain services and balance future budgets, the group said.
“More and more states are dragging their feet on financial reports—and taxpayers are paying the price,” Sheila Weinberg, founder & CEO of Truth in Accounting, said in a release. “Whether it’s due to a shortage of trained accountants or confusing government accounting rules, the public deserves better.”
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