NASHVILLE, Tenn. – December 2005 revenue collections were above the budgeted estimate, but include $10 million in one-time sales tax payments from two taxpayers. Finance and Administration Commissioner Dave Goetz today released December revenue figures, which continue to be strong.
“Revenue collections are good for the first five months of the fiscal year, and it’s indicative of Tennessee’s good economic situation,” Goetz said. “We may not be experiencing the kind of rebound other states are reporting but we have the advantage of having reformed our Medicaid program whereas programs in other states are demanding new revenue.”
On an accrual basis December is the fifth month in the 2005-2006 fiscal year. Department of Revenue tax collections were $810.8 million.
December revenues were $27.9 million more than the budgeted estimate. The general fund was $28.2 million overcollected and the four other funds undercollected by $300,000.
Sales tax collections were $13.3 million more than the estimate in December. For five months revenues are overcollected by $2.7 million.
Franchise and excise taxes combined were $15.6 million more than the estimate of $120.4 million. For five months revenues were $27.4 million ovrecollected.
Gasoline and motor fuel collections increased by 0.8% and were $1 million less than the budgeted estimate of $70.4 million. For five months, collections were $7.1 million more than the estimate.
Year-to-date collections for five months were $62.8 million more than the budgeted estimate. The general fund was overcollected by $56 million and the four other funds were overcollected by $6.8 million.
The budgeted revenue estimates are based on the State Funding Board’s consensus recommendation adopted by the first session of the 104th General Assembly in May of last year.