August Revenues

NASHVILLE, Tenn. – On an accrual basis, August is the first month in the 2005-2006 fiscal year. Department of Revenue collections were nearly $738 million.

August revenues were $3.3 million more than the budgeted estimate, Finance and Administration Commissioner Dave Goetz announced today. The general fund had a $6.2 million overcollection and the other four funds had a net undercollection of $2.9 million.

Sales tax collections were $1.4 million more than the estimate of $531.2 million.

Franchise and excise taxes combined was $700,000 more than the estimate of $33 million for the month.

Gasoline and motor fuel collections declined by 4.4% and were $4.2 million less than the budgeted estimate. Motor vehicle registrations were $900,000 over estimate.

Inheritance taxes were undercollected by $3.3 million for the month. All other taxes were overcollected by a net $1.2 million.

The budgeted revenue estimates are based upon the State Funding Board’s consensus recommendation adopted by the first session of the 104th General Assembly in May of this year.

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