NASHVILLE - Finance and Administration Commissioner Dave Goetz reported today that overall May revenues were $792.1 million or $7.4 million less than the state budgeted.
“We usually have a spike in franchise and excise tax collections in April, and a decline in May, but these volatile collections have been difficult to predict for the last couple of years,” Goetz said. “Our main source of revenue, the sales tax, continues to be fairly stable, but still under projections.”
On an accrual basis, May is the tenth month in the 2006-2007 fiscal year.
The general fund was under-collected by $3.1 million, and the four other funds were under-collected by $4.3 million.
Sales tax collections were $4.0 million more than the estimate for May. The May growth rate was 3.04%. For ten months revenues are under-collected by $25.3 million. The year-to-date growth rate for ten months was 4.55 percent.
Franchise and excise taxes combined were $9.6 million below the budgeted estimate of $50.6 million. For ten months revenues are over-collected by $153.5 million.
Inheritance and estate tax collections were $8.2 million above the May estimate. For ten months collections are $29.2 million above the budgeted estimate.
Gasoline and motor fuel collections for May decreased by 4.2 percent. For ten months revenues are over-collected by $9.0 million.
Year-to-date collections for ten months were $249.8 million more than the budgeted estimate. The general fund was over collected by $215.0 million and the four other funds were over collected by $34.8 million.
The budgeted revenue estimates are based on the State Funding Board’s consensus recommendation adopted by the second session of the 104th General Assembly in May of 2006.