Georgia officials announced Friday that net revenue collections for January were $1.57 billion compared to $1.83 billion in January 2008.
The decline represents a decrease of $262 million, or 14.3%. December revenues were down 8.9% to $145.7 billion
Year-to-date revenue supporting the fiscal 2009 general fund budget have decreased 4.8%, or nearly $500 million.
Last week, the triple-A rated state sold $613.9 million of general obligation bonds, largely to retail investors, to fund new schools, roads, and other capital projects. Approximately 90% of the retail orders originated from Georgia zip codes.
Officials said they locked in an interest rate of 1.61% for a series of five-year bonds and a rate of 3.89% for a series of 20-year bonds, representing some of the lowest rates in 20 years.
“These rates translate into an annual debt service savings of $5.9 million compared to budgeted amounts, and are more favorable than the interest rates received in the state’s last bond sale in June,” officials said.
Closing on the bonds is scheduled for today.