December RevenuesNashville – On an accrual basis December is the fifth month in the 2004-2005 fiscal year. Department of Revenue tax collections were $772.4 million.
December revenues were $56.7 million more than the budgeted estimate, Finance and Administration Commissioner Dave Goetz announced today. The general fund had a $59.4 million overcollection and the four other funds undercollected by $2.7 million.
Sales tax collections were $15.5 million less than the estimate in December. For five months revenues are undercollected by $87.4 million.
Franchise and excise taxes combined were $69.1 million more than the estimate of $73 million. For five months revenues are $64.5 million overcollected.
Gasoline taxes and motor vehicle registrations were $2.4 million less than the budgeted estimate of $85.8 million.
Year-to-date collections for five months are $24.8 million less than the budgeted estimate. The general fund is undercollected by $18.1 million and the four other funds are undercollected by $6.7 million.
To achieve the budgeted revenue estimates for the full fiscal year, sales tax growth must improve and the overcollection of franchise and excise taxes must be maintained.
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.