August Revenues

NASHVILLE, Tenn. – On an accrual basis, August is the first month in the 2004-2005 fiscal year. Department of Revenue collections were $692 million.

August revenues were $5.5 million less than the budgeted estimate, Finance and Administration Commissioner Dave Goetz announced today. The general fund had a $1.8 million undercollection and the other four funds had a net undercollection of $3.7 million.

Sales tax collections were $5.3 million less than the estimate of $508.7 million.

Franchise and excise taxes combined were $8.6 million more than the estimate of $17 million for the month.

Gasoline taxes and motor vehicle registration collections were $3.8 million less than the budgeted estimate of $92.9 million.

Inheritance taxes were undercollected by $5.3 million for the month. All other taxes were overcollected by a net $300,000.

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 this year.

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