Nashville, TN – On an accrual basis July is the twelfth month in the 2003-2004 fiscal year. Department of Revenue tax collections were $712.3 million.
July revenues were $568,000 less than the budget estimates, Finance and Administration Commissioner Dave Goetz announced today. The general fund had a $2.5 million undercollection and the four other funds overcollected by $2 million.
Sales tax collections were $18.2 million more than the budgeted estimate in July. For twelve months revenues are overcollected by $186.6 million.
Franchise and excise tax collections of $32.6 million were $26.6 million less than the budgeted estimate for the month. Revenues are overcollected by $113.3 million for twelve months.
Gasoline taxes and motor vehicle registrations were $1.2 million more than the budgeted estimates of $90.2 million in July.
Year-to-date collections for twelve months are $380.3 million more than the budgeted estimates. The general fund is overcollected by $353.5 million and the four other funds are overcollected by $26.8 million. Sales tax estimates for the year are corrected by $10.3 million to account for allocations to the telecommunication 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 last year. Actual collections for fiscal year 2003-2004 are subject to final accrual adjustments.