Nashville - On an accrual basis February is the seventh month in the 2003-2004 fiscal year. Department of Revenue tax collections were $591.6 million.
February revenues were $14 million more than the budgeted estimates, Finance and Administration Commissioner Dave Goetz announced today. The general fund had a $19.4 million overcolletion and the four other funds undercollected by $5.4 million.
Sales tax collections were $16.2 million more than the estimate in February. For seven months revenues are overcollected by $68.6 million.
Franchise and excise tax collections of $23.5 million were $1.1 million more than the estimate for the month. Revenues are overcollected by $2.7 million for seven months.
Gasoline taxes and motor vehicle registrations were $6 million less than the budgeted estimates of $87.8 million in February.
Year-to-date collections for seven months are $111 million more than the budgeted estimates. The general fund is overcollected by $102.4 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.