Latest Year-end Revenue Report

  1 2 3 4 5 6
  FY 2002 FY 2003   FY 2003 FY 2003   FY 2003 Net Collections  
FINAL LEGISLATIVE   LEGISLATIVE Prelim. Prelim. Difference
MAJOR TAX SOURCES NET ADOPTEDX   ADOPTEDX Year-end Year-end from TARGET
(In Millions of Dollars) REVENUES 3/5/2003   Growth Rate 8/21/2003   Growth Rate Year-to-date
(final)     Col 2 / Col 1   Col 5 / Col 1 Col 4 - Col 2
SALES AND USE TAXES 1,441.32 1,457.65 1.1% 1,443.97   0.2% ($13.68)
INDIVIDUAL INCOME TAX  1,610.60 1,601.85 -0.5% 1,572.73   -2.4% ($29.12)  
CORPORATE FRANCHISE TAX 118.92 123.15 3.6% 152.53 28.3% $29.38  
BEER, CIGARETTE & TOBACCO 59.96 61.80 3.1% 54.21   -9.6% ($7.59)
INSURANCE PREMIUM TAXES 56.62 64.00 13.0% 58.99   4.2% ($5.01)
SEVERANCE TAXES 23.84 22.80   -4.4% 32.58   36.7% $9.78
GENERAL & USF FUNDS 3,311.26 3,331.25  X 0.6% 3,315.02    0.1% ($16.23)
         
MOTOR FUEL TAX 237.92 241.35 1.4% 236.64   -0.5% ($4.71)
SPECIAL FUEL TAX 84.41 86.20 2.1% 84.52   0.1% ($1.68)
MOTOR VEHICLE REGIS. FEES 27.38 28.53   4.2% 28.36   3.6% ($0.17)
TRANSPORTATION FUND 349.71 356.08   1.8% 349.52   -0.1% ($6.56)
Text Box: * The Economic and Statistical Unit uses exponential smoothing-time series models to calculate the monthly estimates (Column 7) that correspond to "Legislature and Executive Consensus" (Column 2) revenue estimates for the fiscal year. X March 5, 2003 Consensus Revenue Estimates plus $17 million appropriated by the 2002 General Session and 5th Special Session M June revenues, which included receipts from May economic activity, indicate that: 1) State sales taxes up 5 percent; better than expected 2) Cigarette tax was down 32 percent; 35 percent gain was expected due to the tax increase 3) Income tax - Withholding tax was down 1.6 percent, worse than expected 4) Income tax - Refunds were down 16 percent, equal to expectations 5) Corporate income taxes were down 4.5 percent, less than expected 6) Motor fuel tax was up 4.7 percent, better than expected, following four consecutive monthly declines 7) Oil and gas severance tax - no big refund at the end of the year, better than expected