March revenues were $30.7 million more than the budgeted estimates, Finance and Administration Commissioner Dave Goetz announced today. The general fund had the $30.7 million overcollection and the four other funds were even with the estimate.
Sales tax collections were $19.7 million more than the estimate in March. For eight months revenues are overcollected by $83.8 million.
Franchise and excise tax collections of $102.2 million were $11.1 million more than the estimate for the month. Revenues are overcollected by $13.8 million for eight months.
Gasoline taxes and motor vehicle registrations were $1.9 million less than the budgeted estimates of $88.3 million in March.
Year-to-date collections for eight months are $141.7 million more than the budgeted estimates. The general fund is overcollected by $133.1 million and the four other funds are overcollected by $8.6 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 last year.