posted June 11, 2004
Tennessee Department of Revenue tax collections for May were $715.6 million - $37.7 million more than the budgeted estimates, Finance and Administration Commissioner Dave Goetz announced today.
The general fund had a $28.8 million overcollection and the four other funds overcollected by $8.9 million
Sales tax collections were $27.8 million more than the budgeted estimate in May. Thus far in the fiscal year, revenues are overcollected by $144.9 million.
Franchise and excise tax collections of $31.1 million were $4.5 million less than the budgeted estimate for the month. Revenues are overcollected by $62.6 million.
Gasoline taxes and motor vehicle registrations were $6.8 million more than the budgeted estimate of $97.3 million in May.
Year-to-date collections are $277.2 million more than the budgeted estimates. The general fund is overcollected by $254.3 million and the four other funds are overcollected by $22.9 million. Sales tax estimates for the year are corrected by $10.3 million to account for allocations to the telecommunication 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 103rd General Assembly in May of last year.
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