NASHVILLE – Revenue collections for July put year-end total revenues slightly above State Funding Board predictions.
“Once again, corporate tax collections were primarily responsible for the additional revenues we’ve experienced,” Finance & Administration Commissioner Dave Goetz said. “Sales tax collections, our primary source of revenue, in July finally achieved the yearly estimate for growth.”
Overall July revenues were $859.3 million or $32.5 million more than the state budgeted. On an accrual basis, July is the twelfth month in the 2006-2007 fiscal year.
The general fund was over collected by $24.8 million, and the four other funds were over collected by $7.7 million.
Sales tax collections were $14.7 million more than the estimate for July. The July growth rate was 2.92%. For twelve months revenues are over collected by $4.9 million. The year-to-date growth rate for twelve months was 4.42%.
Franchise and excise taxes combined were $4.0 million above the budgeted estimate of $49.3 million. For twelve months revenues are over collected by $218.1 million.
Inheritance and estate tax collections were $1.0 million above the July estimate. For twelve months collections are $38.9 million above the budgeted estimate.
Gasoline and motor fuel collections for July increased by 5.31%. For twelve months revenues are over collected by $17.0 million.
Year-to-date collections for twelve months were $392.2 million more than the budgeted estimate. The general fund was over collected by $345.2 million and the four other funds were over collected by $47.0 million.
The budgeted revenue estimates are based on the State Funding Board’s consensus recommendation adopted by the second session of the 104th General Assembly in May of 2006.
The revised estimates for 2006-2007 adopted by the first session of the 105th General Assembly in June of this year, compared to the budgeted estimates, assumed a total surplus of $333.3 million; $19.8 million in sales tax collections; $205.1 million in franchise and excise taxes; and a net surplus in all other taxes of $108.4 million. The general fund surplus was estimated to be $303.6 million.
Actual collections for fiscal year 2006-2007 are subject to final accrual adjustments, expected before October, which may increase or decrease the final figures.