APRIL REVENUES

Nashville – On an accrual basis April is the ninth month in the 2004-2005 fiscal year. Department of Revenue tax collections were $1.152 billion.

April revenues were $59.3 million more than the budgeted estimate, Finance and Administration Commissioner Dave Goetz announced today. The general fund had a $51.4 million overcollection and the four other funds overcollected by $7.9 million.

Sales tax collections were $15.8 million more than the estimate in April. For nine months revenues are undercollected by $56.6 million. The April growth rate was 5.25%. Year-to-date growth was 4.46% or 0.46% less than the budgeted estimate for the year.

Franchise and excise taxes combined were $17.8 million more than the estimate of $298.6 million. For nine months revenues are $121.2 million overcollected which is $8.4 million less than an alternative estimating model indicates. April collections typically are about 25% of total annual collections and reflect the annual tax return from calendar year filers.

Gasoline taxes and motor vehicle registrations were $3.7 million more than the budgeted estimate of $96.1 million.

Year-to-date collections for nine months are $91.9 million more than the budgeted estimate. The general fund, because of franchise and excise tax collections, is overcollected by $93.1 million and the four other funds are undercollected by $1.2 million.

The budgeted revenue estimates and the revised estimates presented in the new budget document are the same in total revenue and general fund revenue. The individual estimates are different. The revised estimates assume a $65 million shortfall in sales tax collections, a surplus of $60.4 million in franchise and excise taxes, and a surplus of $4.6 million in all other taxes when compared with budgeted estimates for the full fiscal year.

The budgeted revenue estimates are based upon the State Funding Board’s consensus recommendation adopted by the second session of the 103rd General Assembly in May of last year.

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