Nashville - On an accrual basis December is the fifth month in the 2003-2004 fiscal year. Department of Revenue tax collections were $709.6 million.
December revenues were $28.3 million more than the budgeted estimates, Finance and Administration Commissioner Dave Goetz announced today. The general fund had a $22.9 million overcollection and the four other funds overcollected by $5.4 million.
Sales tax collections were $2.8 million more than the estimate in December. For five months revenues are overcollected by $40.8 million.
Franchise and excise tax collections were $99.1 million, an overcollection of $16.1 million for the month. Revenues are overcollected by $1.9 million for five months.
Gasoline taxes and motor vehicle registrations were $5.7 million more than the budgeted estimate of $81.3 million in December.
Year-to-date collections for five months are $82 million more than the budgeted estimates. The general fund is overcollected by $71.1 million and the four other funds are overcollected by $10.9 million. Sales tax estimates for the year are corrected by $10.3 million to account for allocations to the telecommunications ad valorem tax reduction fund.
The budgeted revenue estimates are based upon the State Funding Board’s consensus recommendation adopted by the first session of the 103rd General Assembly in May of this year.