This week, President Bush announced that next year’s Group of Eight Summit (G-8), which brings together the heads of state of the eight largest industrialized nations of the world, will be hosted on Sea Island, on the Georgia coast. The meeting could bring as much as $200 million in economic development to Georgia, through travel and lodging for summit participants, media, and support staff.
While this direct stimulus is valuable, the intangible benefits of hosting the summit may be even greater. For three days next year, the world’s attention will be focuses squarely on Georgia. The potential for future growth as a result of the G-8 Summit is limitless.
Hosting the G-8 Summit is just one of a series of initiatives undertaken by Governor Perdue and our Republican legislators focused on economic development. Despite facing the worst fiscal crisis since the Great Depression, we planned for the future, providing incentives to businesses expanding to Georgia. In addition, we are working to simplify Georgia’s regulations, making it easier for small businesses to grow in Georgia.
Georgia Lottery Contributes Six Billionth Dollar to Education
Governor Perdue helped the Georgia Lottery mark the transfer of the six billionth dollar to our state’s education system this week. Since its inception, the lottery has returned more than $2.5 billion to the HOPE Scholarship, $2.1 billion to Georgia’s Pre-K program, and approximately $1.8 billion to improve Georgia schools through the capital outlay program. Over 700,000 Georgia students have received scholarships through the HOPE program, and over 500,000 four-year-olds have attended Pre-K classes.
The HOPE Scholarship is more than just a successful program. It is a critical economic engine for our state. As we move forward, Governor Perdue and our Republican legislators are dedicated to preserving the HOPE Scholarship and our Pre-K program, ensuring that they continue to run smoothly for a bright and prosperous future.
Revenue Continues to Fall in FY 03
Final revenue figures for FY 03 were reported this week, and the picture is not bright. Revenues dropped 2.6% from last year, and were down 5.6% for the month of June.
While these numbers are not encouraging, Governor Perdue and Republicans in the General Assembly are taking steps to solve this crisis. When tough times hit, families across our state must roll up their sleeves, and change their spending habits. Rather than wasting money on wants, families must set priorities.
Our state faces a similar task. We can no longer fund every program that we may want. Instead, we must change our spending habits, funding the most important programs.
This week, Governor Perdue met with state agency and department heads to discuss this new budgeting process. In the past, our budget drove our policy. This year, our policy will drive the budget. No longer will we simply carry over agency’s spending from one year to the next; instead, we will examine programs to see if they show positive results. Those that do not show results, or are not essential to meeting the human needs of Georgia, will be reformed or eliminated.
This mess did not take 6 months to develop, it is a result of 130-years of one party rule and wasteful spending. Governor Perdue and our Republican legislators are working to reform our state, and realign our priorities. Together, we will lead our state through these difficult times.
Governor Protects Emergency Fund, Saves Georgia Taxpayers Nearly $1 Million
One prime example of the mismanagement of the past decades was the use of the state emergency fund. In previous years, governors used the fund to reward a handful of legislators. Last year, for example, the fund was used to pay for etiquette classes in a DeKalb High School and lights for several athletic fields across the state.
This year is different.
Governor Sonny Perdue returned nearly $1 million to the state treasury in excess money from the Emergency Fund last week, ending the tradition of using the fund for pork barrel projects.
In his first sixth months in office, the Governor used the fund exclusively for emergencies, including tornado and flood damage. The savings of over $980,000 will help our state move past the current fiscal crisis.