A Briefing on Georgias Budget: The Big Picture Overview CSLF and - - PowerPoint PPT Presentation

▶
a briefing on georgia s budget the big picture overview
SMART_READER_LITE
LIVE PREVIEW

A Briefing on Georgias Budget: The Big Picture Overview CSLF and - - PowerPoint PPT Presentation

Oct 03, 2022 131 likes •645 views

November 15, 2017 Bob Buschman and Maggie Reeves A Briefing on Georgias Budget: The Big Picture Overview CSLF and the Fiscal Research Center Revenues Budget Practices Georgias Expenditures By Policy Area and Over Time

slide-1
SLIDE 1

Bob Buschman and Maggie Reeves

November 15, 2017

A Briefing on Georgia’s Budget: The Big Picture

slide-2
SLIDE 2

Overview

  • CSLF and the Fiscal Research Center
  • Revenues
  • Budget Practices
  • Georgia’s Expenditures

– By Policy Area and Over Time

  • Georgia’s Education Budget

– Pre-K through High School – Higher Education

2

slide-3
SLIDE 3

Revenues

Georgia’s revenue recovery and structural changes.

3

slide-4
SLIDE 4

Revenue Overview

  • Georgia’s Revenues

– State revenue recovery and outlook – Economic recovery from Great Recession – Have revenues kept up? – Major revenue sources and structural changes – State fiscal health

4

slide-5
SLIDE 5

5 Data Sources: State Accounting Office (SAO) and Governor’s Office of Planning and Budget (OPB)

Georgia Revenue Recovery and Outlook

$4,010.60 $14,689.00 $18,840.40 $23,272.94 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 State Fiscal Year

General Fund Revenues ($ millions)

Prerecession Peak FY2007 Recession Periods

slide-6
SLIDE 6

6 Data Sources: SAO, OPB, and U.S. Bureau of Economic Analysis (BEA)

Georgia Revenue Recovery and Outlook

$8,042 $19,541 $21,565 $22,951 $0 $5,000 $10,000 $15,000 $20,000 $25,000 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 State Fiscal Year

Real General Fund Revenues (2016 $ millions)

Prerecession Peak FY2007

slide-7
SLIDE 7

Have revenues kept up with growth?

7 $1,378 $2,333 $2,306 $2,200 $0 $500 $1,000 $1,500 $2,000 $2,500 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 State Fiscal Year

Real Per Capita General Fund Revenues (2016 $)

1984-2017 Average: $1,943 Data Sources: SAO, OPB, and BEA

slide-8
SLIDE 8

Economic Recovery from the Great Recession

8 Data Sources: U.S. Bureau of Labor Statistics (BLS) 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Unemployment Rate*

United States Georgia

* Annual and 2017 YTD averages

slide-9
SLIDE 9

Economic Recovery from the Great Recession

9 $24,566 $40,737 $42,159 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Real Per Capita Personal Income (2016 $)

United States Georgia

Prerecession Peak 2006

Data Sources: BEA

slide-10
SLIDE 10

Revenue recovery falling short?

10 Data Sources: SAO, OPB, and BEA 6.36% 5.94% 4.60% 5.35% 3% 4% 5% 6% 7% 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 State Fiscal Year

General Fund Revenues Percent of Lagged Personal Income

1989-2017 Average: 5.76%

$1.75B

slide-11
SLIDE 11

11

Sources of Georgia’s State Tax Revenues

(FY 2017)

Personal Income 51% General Sales and Use 26% Motor Fuels 8% TAVT 5% Corporate 4% Insurance Premium 2% Other 4%

Data Sources: SAO

slide-12
SLIDE 12

Revenue recovery falling short?

12 Data Sources: SAO, OPB, and BEA 2.72% 2.93% 2.78% 2.53% 0% 1% 2% 3% 4% 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 State Fiscal Year

Personal Income Tax Revenues Percent of Lagged Personal Income

1989-2017 Average: 2.57%

$0.2B

Retirement income exclusion increased 4 times

slide-13
SLIDE 13

Revenue recovery falling short?

13 Data Sources: SAO, OPB, and BEA 0.52% 0.29% 0.22% 0.00% 0.50% 1.00% 1.50% 2.00% 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 State Fiscal Year

Corporate Income Tax Revenues Percent of Lagged Personal Income

1989-2017 Average: 0.30%

$0.3B

slide-14
SLIDE 14

Revenue recovery falling short?

14 Data Sources: SAO, OPB, and BEA 2.02% 2.44% 1.95% 1.31% 0% 1% 2% 3% 4% 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 State Fiscal Year

State Sales Tax Revenues Percent of Lagged Personal Income

1990-2017 Average: 1.89% State rate incr to 4% Food exemption phase-in TAVT begins Motor fuel tax changes

$2.5B

slide-15
SLIDE 15

15

Table 2. Georgia Sales & Use Tax Revenue Shortfall: Summary of Contributing Factors

($ millions) Est’d FY2014 Effect Legislative Actions: Replace sales tax on motor vehicles with TAVT

  • $536

Permanent sales tax exemptions

  • 174

Temporary sales tax exemptions

  • 64

Total of Legislative Actions since 2000

  • $773

Household Economic Factors: Changing consumption mix toward services

  • $389

Growth of online sales (estimated maximum impact)

  • 250

Higher household saving rates

  • 28

Lower investment in new homes

  • 32

Household Factors Total

  • $699

Business Economic Factors: Input materials spending $651 Input energy spending

  • 234

Investment spending

  • 798

Business Factors Total

  • $381

All Factors excl. Food

  • $1,853

Food

  • $439

Total Impact of all Factors

  • $2,292

Data Sources: FRC Report no. 273, Georgia’s Incredible Shrinking Sales Tax Base.

slide-16
SLIDE 16

Not all bad news

16 Data Sources: SAO, OPB, and BEA 1.18% 1.29% 0.00% 0.50% 1.00% 1.50% 2.00% 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 State Fiscal Year

Other General Fund Revenues Percent of Lagged Personal Income

1989-2017 Average: 0.98% TAVT begins Motor fuel tax changes

$1.4B

slide-17
SLIDE 17

More good news: Setting aside funds for a rainy day

17 Data Sources: SAO, OPB, and BEA

4.65% 7.76% 8.54% 9.87% 0% 2% 4% 6% 8% 10% 12% $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Billions

State Fiscal Year End

Revenue Shortfall Reserve Total and Percent of State Budget (right scale)

slide-18
SLIDE 18

Budget Practices

Data from the Volcker Alliance Project

18

slide-19
SLIDE 19

19

Budget Fo Forecasting ng C Compone nents

  • Consensus forecasting
  • Multi-year projections
  • Mid-year adjustments
  • Rationale/Methods

Budget Forecasting Grade US average: B SE average: B

Source: Volcker Alliance Truth and Integrity in State Budgeting, Center for State and Local Finance, University of Kentucky, and Florida International University (2017)

slide-20
SLIDE 20

20

One-time e Maneu euver ers C s Compo ponen ents

  • Transfers, deferrals, cost shifting
  • Debt or asset sales to finance recurring

expenditures

One-time Maneuvers Grade US average: B SE average: B

Source: Volcker Alliance Truth and Integrity in State Budgeting, Center for State and Local Finance, University of Kentucky, and Florida International University (2017)

slide-21
SLIDE 21

21

Legacy Co Costs ts Co Components

  • Public pension and OPEB

contributions relative to actuarially determined amounts

Legacy Costs Grade US average: C SE average: C

Source: Volcker Alliance Truth and Integrity in State Budgeting, Center for State and Local Finance, University of Kentucky, and Florida International University (2017)

slide-22
SLIDE 22

22

Reser serve F e Fund unds s Compo ponents

  • Rainy day fund policies
  • Tying deposits to revenue volatility
  • Rainy day/general fund balances

Reserve Funds Grade US average: B SE average: B

Source: Volcker Alliance Truth and Integrity in State Budgeting, Center for State and Local Finance, University of Kentucky, and Florida International University (2017)

slide-23
SLIDE 23

Expenditures

23

slide-24
SLIDE 24

State Funds Budget FY2018

(Includes State General Fund, Motor Fuel, Lottery, Tobacco)

24

Georgia’s state spending is dominated by education – both Pre-K - 12 and higher education.

Pre K-12 Education 40% Higher Education 14% Health and Human Services 21% Public Safety and Judicial 9% Debt 5% Transportation 8% All Other 3%

Source: Selected Summary Financial Information; Budget Documents (FY17 and FY18G) Inflation Index Used: Gross Domestic Product -NIPA Table 1.1.9

slide-25
SLIDE 25

Share of Spending by Policy Area, FY2011- 18G

25

Source: Selected Summary Financial Information; Budget Documents (FY17 and FY18G) Inflation Index Used: Gross Domestic Product -NIPA Table 1.1.9 40.9% 40.1% 39.7% 39.1% 40.0% 39.0% 38.8% 39.4% 15.3% 14.3% 13.8% 14.0% 14.0% 13.6% 13.7% 14.2% 3.8% 4.4% 4.8% 4.6% 4.4% 7.4% 7.8% 7.9% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018G

Pre K-12 Education Higher Education Debt Health and Human Services All Other Public Safety and Judicial Transportation

slide-26
SLIDE 26

$6 $13 $16 $20 $25 $17 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 Billions With Federal Stimulus (ARRA) Non-Inflation Adjusted State Appropriations (State Funds)

Nominal State Appropriations, 1985- 2018

26

Source: Selected Summary Financial Information; Budget Documents (FY17 and FY18G) Inflation Index Used: Gross Domestic Product -NIPA Table 1.1.9

slide-27
SLIDE 27

Real Per Capita State Appropriations (2016 dollars)

27

Data sources: Budget in Brief FY17A-FY18, BEA NIPA Tables 1.1.4 for GDP, Moody’s Economy.com GDP growth projections and Author’s calculations. $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 With Federal Stimulus (ARRA) Inflation-Adjusted Real Per Capita Expenditures

1985: 5.96 million people 2018: 10.60 million people 2008: 9.50 million people 2001: 8.38 million people

slide-28
SLIDE 28

Real Per Capita Changes by Policy Area (2016 dollars, includes all state funds)

28

Sources: Budgets in Brief; Selected Summary Financial Information; FY18 General Budget; Author’s Calculations; Inflation Index Used: Gross Domestic Product-NIPA Table 1.1.9.

2008 2015 2018G $ Change 2008-18 % Change 2008-18 $ Change 2015-18 % Change 2015-18 Agriculture $5.42 $4.21 $4.41 ($1.01)

  • 19%

$0.19 5% Debt Service on Bonds $113.76 $107.37 $110.82 ($2.94)

  • 3%

$3.45 3% Health and Human Services $481.26 $486.45 $485.30 $4.04 1% ($1.15) 0% Corrections $173.98 $149.61 $156.99 ($16.99)

  • 10%

$7.38 5% Economic Development $26.72 $17.43 $9.70 ($17.01)

  • 64%

($7.72)

  • 44%

Education $974.22 $838.05 $901.90 ($72.32)

  • 7%

$63.85 8% General Government $94.83 $43.52 $42.14 ($52.69)

  • 56%

($1.38)

  • 3%

Higher Education $358.41 $293.99 $324.53 ($33.88)

  • 9%

$30.55 10% Judicial $23.79 $22.33 $24.68 $0.89 4% $2.34 10% Natural Resources $20.90 $13.62 $13.50 ($7.40)

  • 35%

($0.13)

  • 1%

Public Safety $26.56 $26.50 $33.66 $7.10 27% $7.16 27% Transportation $104.89 $92.35 $180.28 $75.39 72% $87.93 95% TOTAL $2,405 $2,095 $2,288 ($116.82)

  • 5%

$192 9%

slide-29
SLIDE 29

Real Per Capita Pre-K-12 Education Funding (all state funds, 2016 dollars)

29

Source: Selected Summary Financial Information; Budget Documents (FY17 and FY18G) Inflation Index Used: Gross Domestic Product -NIPA Table 1.1.9

$0 $200 $400 $600 $800 $1,000 $1,200

1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018G On an inflation adjusted per capita basis, the state is currently spending at 1999/2004/2006/2009 levels on pre K-12 education programs.

slide-30
SLIDE 30

Real Per FTE Appropriations for Higher Education (2016 Dollars)

30

Source: Selected Summary Financial Information; Budget Documents (FY17 and FY18G) Inflation Index Used: Gross Domestic Product -NIPA Table 1.1.9 $0 $50 $100 $150 $200 $250 $300 $350 $400

On an inflation adjusted per capita basis, the state is currently spending at 1996 levels on higher education programs.

slide-31
SLIDE 31

Education

Pre-K K-12 Higher Education

31

slide-32
SLIDE 32

200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Local Revenues Per FTE State Revenues Per FTE Federal Revenues Per FTE Enrollment

GA DOE Reported School District Real Revenues Per FTE and Enrollments 1996-2015 (2015 Dollars)

32 Source: GA-DOE data on revenues for school districts; note that these revenues do not include

  • ESPLOST. Inflation Index Used: Gross Domestic Product -NIPA Table 1.1.9
slide-33
SLIDE 33

Pre-K-12 FTE Student Growth FY 2008-16

Total increase in students: 1.76 million total students in 2016, 1.65 million in 2008 13, mostly rural county districts, had their FTE student populations decline by more than 20 percent. 12, many independent city districts, had their FTE student population increase by more than 20 percent.

33

Source: Georgia Department of Education (2017)

slide-34
SLIDE 34

School Districts’ Total Operating Revenues, 2008-12

34

154 of the 180 school districts’

  • perating revenues in 2012 were less

than their revenues in 2008

Source: Georgia Department of Education (2017)

slide-35
SLIDE 35

School Districts’ Total Operating Revenues, 2008-16

35

125 of the 180 school districts’

  • perating revenues in 2016 were above

their revenues in SY 2008

Source: Georgia Department of Education (2017)

slide-36
SLIDE 36

Pre-K to 12 Total Appropriations

(Nominal dollars, in billions)

36

Source: Selected Summary Financial Information; Budget Documents (FY17A and FY18G) Inflation Index Used: Gross Domestic Product -NIPA Table 1.1.4 $2.80 $2.86 $2.79 $3.09 $3.40 $3.75 $4.00 $4.48 $4.88 $5.17 $5.49 $6.05 $6.29 $6.29 $6.18 $6.34 $6.91 $7.69 $8.30 $7.69 $6.93 $7.42 $7.36 $7.68 $7.91 $8.45 $8.99 $9.44 $9.85 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 $10.0 Billions

slide-37
SLIDE 37

DECAL Appropriations 2008-18 (2016 Dollars)

37 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018G Millions Lottery Funds State General Funds

Source: Selected Summary Financial Information; Budget Documents (FY17 and FY18G) Inflation Index Used: Gross Domestic Product -NIPA Table 1.1.9

slide-38
SLIDE 38

DOE Appropriations 2008-18 (in billions, 2016 dollars)

38

  • $2.0

$0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018G Billions QBE Equalization 5 Mill Share All Other Source: Selected Summary Financial Information; Budget Documents (FY17 and FY18G) Inflation Index Used: Gross Domestic Product -NIPA Table 1.1.9

slide-39
SLIDE 39

QBE Program Appropriations FY 2008- 18 (in billions, 2016 dollars)

39 $8.96 $7.98 $9.10 $9.79 $10.02 $7.0 $7.5 $8.0 $8.5 $9.0 $9.5 $10.0 $10.5 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018G Billions QBE Inflation Adjusted (2016 Dollars)

Source: Selected Summary Financial Information; Budget Documents (FY17 and FY18G) Inflation Index Used: Gross Domestic Product -NIPA Table 1.1.9

slide-40
SLIDE 40

Districts’ Property Tax Digests, Pre- Recession Peak Compared to 2016 (Per FTE)

40

127 of the 180 per FTE school property digests remain below their pre-Recession peak value. 77, almost half, remain 10 percent below where they were going into the recession. Atlanta Metro, where the decline in property values was the most dramatic, has yet to regain their pre-recession value.

Source: Georgia Department of Revenue (2017)

slide-41
SLIDE 41

Districts’ Property Tax Digests, 2015-16

41

115 of the 180 per FTE school property digests increased between 2015 and 2016. 51 grew by more than 3 percent. Atlanta Metro, where the decline in property values was the most dramatic, experienced growth with a few exceptions.

Source: Georgia Department of Revenue (2017)

slide-42
SLIDE 42

Real Education Funding Per Student Comparison (Per FTE, 2016 dollars)

42

$0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Georgia Southern States Average Source: Selected Summary Financial Information; Budget Documents (FY17 and FY18G) Inflation Index Used: Gross Domestic Product -NIPA Table 1.1.9

slide-43
SLIDE 43

Education Comparison 2005-15

(2016 dollars)

43

Calculations from revenue figures provided by the US Census F-33 Financial Survey. Table uses national GDP price deflator to adjust for inflation.

slide-44
SLIDE 44

Pre-K- 12 Funding Highlights

  • Huge cuts after the recession
  • Restored but not all the way

– Austerity cuts still in place – Health care benefits for non-certificated employees – Pre-K class sizes

  • Some local areas continue to decline

44

slide-45
SLIDE 45

Higher Education

45

slide-46
SLIDE 46

Total Appropriations for Higher Education in Georgia (Board of Regents, TCSG, GSFC)

46

Source: Selected Summary Financial Information; Budget Documents (FY17 and FY18G) Inflation Index Used: Gross Domestic Product -NIPA Table 1.1.9 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 Billions

slide-47
SLIDE 47

47

Revenue figures from State Higher Education Executive Officers Association, State Higher Education Finance

  • Report. These numbers are not weighted by type of student; state appropriations include HOPE and other

state financial aid and grant programs. Numbers are adjusted using a GDP Price Deflator. $12,857 $10,937 $9,858 $8,982 $8,707 $8,715 $9,192 $9,244 $9,226 $8,324 $7,672 $7,277 $6,647 $6,727 $7,194 $7,485 $7,754 $2,386 $2,292 $1,880 $1,515 $1,517 $1,467 $1,953 $2,135 $2,292 $2,178 $2,633 $2,476 $3,614 $4,288 $4,152 $4,362 $4,831

  • 50,000

100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Real Per Student Higher Education Revenues for Georgia (2016 Dollars) and Total Enrollment

State/Local Appropriations Net Tuition Revenue Total Enrollment

slide-48
SLIDE 48

Higher Education State Revenue Changes, 2006-16 (2016 dollars)

48

Revenue figures from State Higher Education Executive Officers Association, State Higher Education Finance Report. These numbers are not weighted by type of student; state appropriations include HOPE and other state financial aid and grant programs. Numbers are adjusted using a GDP Price Deflator.

State Enrollment Growth Approp. Per FTE Growth Tuition Per FTE Growth Total Revenue Per FTE Growth Total Revenue Per FTE 2006 Rank in 2006 Total Revenue Per FTE 2016 Rank in 2016 Change in Rank

Alabama 9%

  • 19%

65% 21% 12,498 2 15,100 1 1 Arkansas 13% 1% 49% 17% 10,375 10 12,161 8 2 Florida 18%

  • 20%

35%

  • 7%

10,154 11 9,454 14

  • 3

Georgia 18%

  • 16%

147% 13% 11,145 8 12,585 6 2

Kentucky 6%

  • 17%

60% 9% 12,010 4 13,117 4 Louisiana 1%

  • 25%

27%

  • 8%

9,957 12 9,172 15

  • 3

Mississippi 9% 2% 59% 24% 9,553 14 11,813 10 4 Missouri 20%

  • 19%

12%

  • 6%

12,348 3 11,606 12

  • 9

North Carolina 13%

  • 2%

49% 11% 11,898 5 13,254 3 2 Oklahoma 0%

  • 10%

69% 16% 9,929 13 11,559 13 South Carolina 23%

  • 27%

20%

  • 4%

12,825 1 12,253 7

  • 6

Tennessee 10%

  • 10%

44% 9% 11,780 6 12,838 5 1 Texas 24%

  • 3%

37% 10% 10,883 9 11,976 9 Virginia 17%

  • 16%

62% 21% 11,690 7 14,162 2 5 West Virginia

  • 1%
  • 5%

53% 23% 9,506 15 11,689 11 4

slide-49
SLIDE 49

Higher Education Issues

  • Importance of a college degree for earnings

and jobs

  • Higher costs for state and students – how will

that be managed

  • HOPE scholarship changes
  • Expanding population necessitates more

facilities

49

slide-50
SLIDE 50

Connect ct w with us! mreeves9@gsu.edu, rbuschman1@gsu.edu : @CSLF_PubFinance cslf.gsu.edu

50