October Revenues

Nashville, Tenn– On an accrual basis October is the third month in the 2004-2005 fiscal year. Department of Revenue tax collections were $677.5 million.

October revenues were $11.8 million less than the budgeted estimate, Finance and Administration Commissioner Dave Goetz announced today. The general fund had an $8.3 million undercollection and the four other funds undercollected by $3.5 million.

Sales tax collections were $19 million less than the estimate in October. For three months revenues are undercollected by $54 million.

Franchise and excise taxes combined were $12.1 million more than the estimate of $9.9 million. For three months revenues are $5.9 million overcollcted.

Gasoline taxes and motor vehicle registration were $2.5 million less than the budgeted estimate of $89 million.

Year-to-date collections for three months are $54.1 million less than the budgeted estimate. The general fund is undercollected by $48.1 million and the four other funds are undercollected by $6 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.

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