Nashville – On an accrual basis March is the eighth month in the 2004-2005 fiscal year. Department of Revenue tax collections were $720.5 million.
March revenues were $14.8 million less than the budgeted estimate, Finance and Administration Commissioner Dave Goetz announced today. The general fund had a $7.9 million under-collection and the four other funds under-collected by $6.9 million.
Sales tax collections were $14.8 million more than the estimate in March. For eight months revenues are under-collected by $72.4 million. The March growth rate was 6.94%. Year-to-date growth was 4.36% or 0.56% less than the budgeted estimate for the year.
Franchise and excise taxes combined were $24.7 million less than the estimate of $128.9 million. For eight months revenues are $103.4 million over-collected which is $9 million more than an alternative estimating model indicates. April collections, which typically are 25% or more of total annual collections, reflect the annual tax returns from calendar year filers. April collections will be a more accurate indicator of over-collections for the fiscal year.
Gasoline taxes and motor vehicle registrations were $8.3 million less than the budgeted estimate of $87.8 million.
Year-to-date collections for eight months are $32.7 million more than the budgeted estimate. The general fund, because of franchise and excise tax collections, is over-collected by $41.7 million and the four other funds are under-collected by $9.1 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.