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State of Tennessee reports August revenues

On an accrual basis, August is the first month in the 2004-05 fiscal year. Department of Revenue collections were $692 million.

August revenues were $5.5 million less than the budgeted estimate, according to Finance and Administration Commissioner Dave Goetz. 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.
On an accrual basis, August is the first month in the 2004-05 fiscal year. Department of Revenue collections were $692 million.

August revenues were $5.5 million less than the budgeted estimate, according to Finance and Administration Commissioner Dave Goetz. 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 General Assembly last May.
—State of Tennessee Department of Finance and Administration