NASHVILLE – Finance and Administration Commissioner Dave Goetz reported today that overall November revenues were $819.7 million or 8.81 % over November 2006 collections.
“We’re glad to see corporate taxes above projections for the first time since August – and tobacco tax collections are leveling, as we thought they would,” Goetz said. “Even though sales tax collections for this month are above November last year, we still have to be cautiously optimistic moving forward.”
On an accrual basis, November is the fourth month in the 2007-2008 fiscal year.
November collections were $9.5 million more than the budgeted estimate. The general fund was over collected by $10.1 million and the four other funds were under collected by $600,000.
Sales tax collections were $15.0 million less than the estimate for November. The November growth rate was 4.41 %.
Franchise and excise taxes combined were $39.8 million above the budgeted estimate of $42.2 million.
Gasoline and motor fuel collections increased by 4.49% and they were $558,000 below the budgeted estimate of $72.9 million.
Tobacco tax collections were $4.2 million below the budgeted estimate of $30.8 million.
Inheritance taxes were under collected by $6.7 million.
Year-to date collections for four months were $126.4 million less than the budgeted estimate. The general fund was under collected by $135.2 million and the four other funds were over collected by $8.8 million.
The budgeted revenue estimates are based on the State Funding Board’s consensus recommendation adopted by the first session of the 105th General Assembly in June of 2007.