July 10, 2009

ATLANTA (AP) -- Georgia's tax collections plummeted sharply in
June, leaving the state's bank account more than $1.9 billion below
where it stood this time last year.

The announcement that state tax collections for June dropped by
15.7 percent from the same month a year ago led to fresh calls from
a budget analyst for a special legislative session to grapple with
the state's financial woes. But legislative leaders have
discouraged the idea. And Perdue's aides said again Friday that the
governor has the power to handle the situation without calling
lawmakers back to the Capitol. Georgia began the last fiscal year
with about $1 billion in its rainy day fund. Officials expect that
by this time next year, all but about $200 million of it will have
been spent.

(Copyright 2009 by The Associated Press. All Rights Reserved.)