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Governor Perdue Announces November Revenue Collections

Friday, December 5, 2003  Contact: Office of Communications 404-651-7774
 

- Governor Sonny Perdue announced today that net revenue collections for the month of November 2003 (FY04) totaled $1,085,952,000 compared to $1,051,510,000 for November 2002 (FY03), an increase of $34,442,000 or 3.3%. The percentage increase year-to-date for FY04 compared to FY03 is 4.4%.

"Four months of increasing revenue is positive news for our state, but we still face a very tight budget that presents significant challenges," said Governor Sonny Perdue. "Our stewardship of the budget must remain conservative, strategic, and priority based. I am committed to a balanced budget without any tax increases for the people of Georgia."

Governor Perdue is participating in ongoing meetings with the Governor's Office of Planning and Budget developing his FY05 budget recommendations. The following graph is the revenue report from the Georgia Department of Revenue for November 2003.

Georgia Department of Revenue

Comparative Net Revenue Collections

( unaudited - 000's)

For the Month Ended

GENERAL FUND

November 2002 (FY2003)

November 2003
(FY2004)

$ Change

% Change

Sales Tax - General

405,093

370,682

(34,411)

-8.5%

Motor Fuel - Gal. & Sales

42,470

45,296

2,826

6.7%

Income Tax - Individual

552,289

594,472

42,183

7.6%

Income Tax - Corporate

(14,605)

(10,594)

4,011

27.5%

Tobacco Taxes

4,330

16,817

12,487

288.4%

Alcoholic Beverage Taxes

20,468

14,308

(6,160)

-30.1%

Estate Tax

6,371

2,347

(4,024)

-63.2%

Property Tax

6,973

14,635

7,662

109.9%

Total Taxes

1,023,389

1,047,963

24,574

2.4%

Other Revenues:

Peace Officer Training

1,627

1,702

75

4.6%

Other Fees and Sales

26,494

36,287

9,793

37.0%

Total Regulatory Fees & Sales

28,121

37,989

9,868

35.1%

Net Revenue

1,051,510

1,085,952

34,442

3.3%

Year-to-date

$

%

GENERAL FUND

FY 2003

FY 2004

Change

Change

Sales Tax - General

1,926,171

2,016,830

90,659

4.7%

Motor Fuel Tax - Gals. & Sales

193,484

203,055

9,571

4.9%

Income Tax - Individual

2,629,084

2,707,530

78,446

3.0%

Income Tax - Corporate

87,279

65,298

(21,981)

-25.2%

Tobacco Taxes

25,964

69,471

43,507

167.6%

Alcoholic Beverage Taxes

55,730

59,839

4,109

7.4%

Estate Tax

37,425

18,360

(19,065)

-50.9%

Property Tax

17,679

26,388

8,709

49.3%

Total Taxes

4,972,816

5,166,771

193,955

3.9%

Other Revenues:

Peace Officer Training

8,642

8,681

39

0.5%

Other Fees and Sales

22,883

48,595

25,712

112.4%

Total Regulatory Fees & Sales

31,525

57,276

25,751

81.7%

Net Revenue

5,004,341

5,224,047

219,706

4.4%

Notes:

1. FY 2004 comparative report has changed. Current year totals are reported on the right of prior year.

2. Totals do not include Insurance Premium Tax and Fees and Motor Vehicle License Taxes.

3. Major tax categories are reported. Other taxes and fees are included in "Other Fees and Sales".

4. Other Fees and Sales include taxes that have been deposited in the bank, but the returns have not been processed.

It also includes unclaimed property and children's trust fund.

5. 2nd Motor Fuel taxes were $21.4M and $17.5M in November 2003 and 2002, respectively.