Nashville – On an accrual basis May is the tenth month in the 2004-2005 fiscal year. Department of Revenue tax collections were $733.8 million.
May revenues were $10 million more than the budgeted estimate, Finance and Administration Commissioner Dave Goetz announced today. The general fund had a $19.8 million overcollection and the four other funds undercollected by $9.8 million. The undercollections were in highway user taxes and inheritance tax.
Sales tax collections were $14.6 million more than the estimate in May. For ten months revenues are undercollected by $42 million. The May growth rate was 5%. Year-to-date growth was 4.52% or 0.4% less than the budgeted estimate for the year.
Franchise and excise taxes combined were $8.2 million more than the estimate of $32.3 million. For ten months revenues are $129.4 million overcollected.
Gasoline taxes and motor vehicle registrations were $11.5 million less than the budgeted estimate of $101.6 million. Year-to-date collections are $14.3 million undercollected.
Year-to-date collections for ten months are $102 million more than the budgeted estimate. The general fund, because of franchise and excise tax collections, is overcollected by $112.9 million and the four other funds are undercollected by $10.9 million.
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. The revenue estimates were revised last month when the General Assembly enacted the 2005-06 budgeted. The revised estimates compared with the budgeted estimates assume a $24.3 million shortfall in sales tax collections; a surplus of $154.9 million in franchise and excise taxes; a $13.2 million shortfall in highway user taxes; a $21 million surplus in all other taxes; and a net general fund surplus of $142.6 million.