JUNE REVENUESNashville – On an accrual basis June is the eleventh month in the 2004-2005 fiscal year. Department of Revenue tax collections were $1,049,523,000. June revenues were $92.6 million more than the budgeted estimate, Finance and Administration Commissioner Dave Goetz announced today. The general fund had an $80.5 million overcollection and the four other funds overcollected by $12.1 million. Sales tax collections were $12.8 million more than the estimate in June. For eleven months revenues are undercollected by $29.1 million. The June growth rate was 5.36%. Year-to-date growth was 4.60% or 0.32% less than the budgeted estimate for the year. Franchise and excise taxes combined were $44.4 million more than the estimate of $193.9 million. For eleven months revenues are $173.8 million overcollected. Gasoline taxes and motor vehicle registrations were $11.5 million more than the budgeted estimate of $94.7 million. Year-to-date collections are $2.8 million undercollected. Year-to-date collections for eleven months are $194.5 million more than the budgeted estimate. The general fund, because of franchise and excise tax collections, is overcollected by $193.5 million and the four other funds are overcollected by $1 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 last year. The revenue estimates
were revised last month when the General Assembly enacted the 2005-06
budget. The revised estimates compared with the budgeted estimates
assume a $24.3 million shortfall in sales tax collections; a surplus
of $154.9 million in franchise and excise taxes; a $13.2 million shortfall
in highway user taxes; a $21 million surplus in all other taxes; and
a net general fund surplus of $142.6 million.
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