Nashville – On an accrual basis July is the twelfth month in the 2004-2005 fiscal year. Department of Revenue tax collections were $799 million.
July revenues were $66.2 million more than the budgeted estimate, Finance and Administration Commissioner Dave Goetz announced today. The general fund had a $67.7 million overcollection and the four other funds undercollected by $1.5 million.
Sales tax collections were $26.9 million more than the estimate in July. For twelve months revenues were undercollected by $2.2 million. The July growth rate was 8.74%. Year-to-date growth was 4.96%.
Franchise and excise taxes combined were $47.5 million more than the estimate of $29.9 million. For twelve months revenues were $221.3 million overcollected.
Gasoline taxes and motor vehicle registrations were $2.9 million less than the budgeted estimate of $95.4 million. Year-to-date revenues were $5.7 million undercollected.
Year-to-date collections for twelve months were $260.8 million more than the budgeted estimate. The general fund, because of franchise and excise tax collections, was overcollected by $261.2 million and the four other funds undercollected by $400,000.
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. The revenue estimates were revised in May of this year when the General Assembly enacted the 2005-06 budget. The revised estimates compared with the budgeted estimates assumed a $24.3 million shortfall in sales tax collections; a surplus of $154.9 million in franchise and excise taxes; a $13.2 million shortfall in highway user taxes; a $21 million surplus in all other taxes; and a net general fund surplus of $142.6 million.
Actual collections for fiscal year 2004-2005 are subject to final
accrual adjustments. A preliminary review indicates possible negative
accrual adjustments of $20 million for franchise and excise, sales
and inheritance taxes.