November RevenuesNashville – On an accrual basis November is the fourth month in the 2004-2005 fiscal year. Department of Revenue tax collections were $653.2 million.
November revenues were $27.4 million less than the budgeted estimate, Finance and Administration Commissioner Dave Goetz announced today. The general fund had a $29.5 million undercollection and the four other funds overcollected by $2.1 million.
Sales tax collections were $17.9 million less than the estimate in November. For four months revenues are undercollected by $71.8 million.
Franchise and excise taxes combined were $10.5 million less than the estimate of $24.2 million. For four months revenues are $4.6 million undercollected.
Gasoline taxes and motor vehicle registrations were $2.7 million more than the budgeted estimate of $88.9 million.
Year-to-date collections for four months are $81.4 million less than the budgeted estimate. The general fund is undercollected by $77.6 million and the four other funds are undercollected by $3.8 million.
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 this year.