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Tennessee cites June revenues

Tennessee’s continued economic progress has resulted in better than budgeted revenue growth for the month of June. Corporate tax revenues continue to outperform projections, as overall June revenues came in at $97.3 million more than the state budgeted. On an accrual basis, June is the eleventh month in the 2005-2006 fiscal year. Department of Revenue collections were $1,104 5 million... Tennessee’s continued economic progress has resulted in better than budgeted revenue growth for the month of June. Corporate tax revenues continue to outperform projections, as overall June revenues came in at $97.3 million more than the state budgeted. On an accrual basis, June is the eleventh month in the 2005-2006 fiscal year. Department of Revenue collections were $1,104 5 million.

The general fund was $97.0 million over collected and the four other funds over collected by $.3 million. Sales tax collections were $30.7 million more than the estimate for June. For eleven months revenues were over collected by $134.1 million.

Franchise and excise taxes were $45.6 million more than the estimate of $210.3 million. For eleven months revenues were $121.9 million over collected.

Gasoline and motor fuel collections were $1.4 million below the budgeted estimate of $72.0 million. For eleven months, collections were $10.0 million more than the estimate.

Year-to-date collections for eleven months were $347.1 million more than the budgeted estimate. The general fund was over collected by $328.3 million and the four other funds were over collected by $18.8 million.

The budgeted revenue estimates are based on the State Funding Board’s consensus recommendation adopted by the first session of the 104th General Assembly in May of last year.

The revised estimates adopted by the second session of the 104th General Assembly in May of this year assume a surplus of $169.0 million in sales tax collections, $61.6 million in franchise and excise taxes, and a general fund surplus of $ 283.9 million.

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