Nashville, TN – On an accrual basis April is the ninth month in the 2003-2004 fiscal year. Department of Revenue tax collections were $1,093.8 million.
April revenues were $97.8 million more than the budgeted estimates, Finance and Administration Commissioner Dave Goetz announced today. The general fund had a $92.4 million overcollection and the four other funds overcollected by $5.4 million.
Sales tax collections were $28.8 million more than the budgeted estimate in April. For nine months revenues are overcollected by $117.1 million.
Franchise and excise tax collections of $315 million were $53.3 million more than the budgeted estimate for the month. Revenues are overcollected by $67.1 million for nine months.
Gasoline taxes and motor vehicle registrations were $551,000 more than the budgeted estimate of $95.3 million in April.
Year-to-date collections for nine months are $239.5 million more than the budgeted estimates. The general fund is overcollected by $225.5 million and the four other funds are overcollected by $14 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.