Tax revenue in Georgia fell nearly 18 percent in October compared with the same month in 2008, but Gov. Sonny Perdue’s office said Monday the dramatic drop reflected numbers from last year that hadn’t yet felt the sting of the recession.

Net revenue collections last month were $1.14 billion, compared with $1.38 billion in October 2008, Perdue’s office reported. For the current fiscal year, which started July 1, tax collections are down a total of 15 percent compared to the first four months of the last fiscal year.

“We’re still comparing to months last year when we hadn’t seen the effects of the recession yet,’’ said Perdue spokesman Bert Brantley. “To some extent, this is a comparison against a previous year where the numbers were still very strong.’’

Brantley said state revenues often lag behind the overall health of the economy and that Georgia’s totals didn’t really start to show the downturn’s effects until December. Year-to-year revenue levels should start to be more in line starting with December’s numbers, he said.

Alan Essig of the Georgia Budget and Policy Institute said that’s likely true, but he isn’t convinced revenues will rebound enough to meet the governor’s planned budget.

“Counting on revenue growth may be problematic,’’ he said. “December will give us a sense of whether their projections for the year are really on target or not.’’

Brantley said the governor is hoping to see a turnaround soon but isn’t counting on it. Perdue will present an amended budget to the General Assembly in January, and it may have some bad news.

“Unless there’s some beginning of a turnaround, there certainly is the potential for more cuts,’’ Brantley said.

Based on projected lower revenues this year, Perdue already slashed $900 million from the state budget in July, a move that included ordering state employees to take at least three furlough days. The consistent decrease in budget numbers over the first four months of the fiscal year proves those cuts were necessary, Brantley said.

Essig said he wants the General Assembly to hold hearings on the budget to bring more transparency into the process and would like to see a balanced approach used, that budget cuts should not be the only solution.

BUT WE CAN STILL BORROW MONEY

Georgia has secured historic low interest rates on the sale of new state bonds.

Perdue said the cheap rates saved the state $35 million for fiscal year 2010, which began in July. That’s good news for the state, which is struggling with sagging tax collections thanks to the recession.

Georgia successfully sold some $794 million in general obligation bonds to fund new schools, public safety projects, road projects and other crucial infrastructure. The state was able to lock in a rate of 1.49 percent, the lowest rate in state history, for five-year bonds and 2.99 percent for the 20-year bonds. That’s also a record low rate.

MEANTIME, JOBS CONTINUE TO ERODE

State labor officials reported the number of jobless applying for unemployment rose in October, but was lower than it was a year ago.

Unemployment insurance initial claims released by the Georgia Department of Labor on Thursday showed that 70,957 laid-off workers filed for benefits in October. That’s up 3,983, or six percent, from September, when 66,614 claims were filed.

It’s down a little more than two percent from October 2008.

The average time jobless Georgia workers drew benefits increased from 11.6 weeks in October 2008 to 14.4 weeks in October 2009. Most claims were from laid off workers in manufacturing, wholesale and retail trade.

AT LEAST VETS ARE FINDING SOME SHELTER

A national report shows that homelessness among veterans is declining in Georgia.

The report released Tuesday by the National Alliance to End Homelessness examined the number of military veterans who are now living on the streets.

It found there were 3,032 without permanent homes in Georgia in 2008. That’s down from 3,299 in 2007.

The group found the state had a high of 5,715 homeless veterans in 2005.

The study examined data from the Department of Veterans Affairs. Besides showing a decrease in Georgia, it showed that the nation is seeing an increase in female veterans and that the VA is beginning to see homeless veterans of the current conflicts in Afghanistan and Iraq.

COKE: DO YOU KNOW THE WAY TO BRAZIL?

Coca-Cola Co. confirmed it is investing $5.8 billion in Brazil in the next five years, a steep increase from its current investment in Latin America’s biggest economy.

The world’s largest soft drink maker announced the investment - which lasts from 2010 to 2014 –from Brazil, where it is opening its first eco-friendly plant in Latin America.

The investment, which is being made with local operation Coca-Cola Brasil, is a 75 percent boost over the $3.3 billion the company put into the country from 2005 to this year.

CEO Muhtar Kent said in a statement that Brazil is one of the company’s top markets in the world. The company, known for drinks like Coke and Sprite, has been boosting its investments around the globe as its domestic market weakens. Consumers have pulled back on their soft drink spending amid the recession and are also switching to healthier juices and teas.

Brazil is considered a key market right now because it is hosting the 2014 FIFA World Cup and the 2016 Olympics.

A top Brazilian trade official said Thursday his country’s economy will likely grow about 9 percent in the fourth quarter as consumer demand surges and exports recover.

“The domestic market is really growing now,’’ Deputy Trade Minister Welber Barral told reporters on the sidelines of a yearly Latin American business conference in Singapore. “The consumer is really spending and that has sustained our overall growth.’’