Final TC-23 Monthly Revenue Report, FY2003-04

  1 2 3 4 5 6
  FY 2003 FY 2004   FY 2004 FY 2004   FY 2004 Net Collections  
FINAL LEGISLATIVE   LEGISLATIVE Final Final Difference
MAJOR TAX SOURCES NET ADOPTED   ADOPTED Year-end Year-end from ADOPTED
(In Millions of Dollars) REVENUES 3/5/2004   Growth Rate REVENUES Growth Rate REVENUES
(final)     Col 2 / Col 1 9/14/2004 Col 4 / Col 1 Col 4 - Col 2
SALES AND USE TAXES 1,443.97 1,469.00   1.7% 1,501.94   4.0% $32.94
INDIVIDUAL INCOME TAX  1,575.39 1,642.95 4.3% 1,699.19 7.9% $56.24  
CORPORATE FRANCHISE TAX 152.53 161.00 5.6% 155.36 1.9% ($5.64)  
BEER, CIGARETTE & TOBACCO 54.21 56.00 3.3% 62.81   15.9% $6.81
INSURANCE PREMIUM TAXES 58.99 62.55 6.0% 62.42   5.8% ($0.13)
SEVERANCE TAXES 32.58 41.50   27.4% 42.69   31.0% $1.19
GENERAL & USF FUNDS 3,317.67 3,433.00 3.5% 3,524.41    6.2% $91.41   
         
MOTOR FUEL TAX 236.64 237.03 0.2% 239.92   1.4% $2.89
SPECIAL FUEL TAX 84.52 85.75 1.5% 86.16   1.9% $0.41
MOTOR VEHICLE REGIS. FEES 28.36 28.08   -1.0% 29.39   3.6% $1.31
TRANSPORTATION FUND 349.52 350.86   0.4% 355.47   1.7% $4.61
Text Box: M  June revenues,which comprise store receipts from May economic activity indicate that:
      1) State sales tax collections were up 7.8 percent, better than expected
      2) Withholding or payroll tax collections were down 1.5 percent, worse than expected
      3) Income tax refunds of $13.2 million were down 11 percent, lower than last year's $14.9 million 
      4) Corporate franchise taxes of $28 million were up 7 percent, as expected
      5) Motor fuel taxes were down 1.6 percent, as expected, possibly due to higher gasoline prices
      6) Special fuel taxes were up 17 percent, better than expected
         



M  October revenues,which included receipts from September economic activity, indicate that:
      1) State sales tax collections were up 1.9 percent, about as expected
      2) Withholding or payroll tax collections were up 5 percent, better than expected
      3) Corporate franchise tax refunds down 22 percent, better than predicted
      4) Motor fuel tax revenue was up 6.6 percent, better than expected.
      5) Insurance premium tax revenue was up 4.4 percent, as expected
      6) Beer tax revenue was up 14.8 percent, better than expected