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Governor Perdue Announces Fiscal Year 2004 Revenue Figures

Thursday, July 8, 2004  Contact: Office of Communications 404-651-7774

 

ATLANTA , GA – Governor Sonny Perdue announced today that revenue collections for FY04 increased 7.1% over FY03. For the month of June 2004 (FY04), revenue collections totaled $1,279,348,000 compared to $1,259,355,000 for June 2003 (FY03), an increase of $19,993,000 or 1.6%.

“Thanks to our conservative management of the state budget, we have met the revenue estimate for Fiscal Year 2004,” said Governor Sonny Perdue. “Even as we experience some positive signs of economic growth, it is important that we remain fiscally responsible with state resources as we are still operating in a restrictive budgetary environment.”

Several law changes, enforcement initiatives, and other one time events occurred in FY04 resulting in new or additional revenue for the state of approximately $471 million. Excluding these new and additional revenue sources from FY04, the increase in revenue collections would have been approximately 3.3% over FY03.

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GEORGIA DEPARTMENT OF REVENUE

Comparative Net Revenue Collections

(unaudited - 000's)

 

 

 

 

 

 

 

 

 

For the Month Ended

 

 

 

 

GENERAL FUND

June 2003

(FY 2003)

 

June 2004 (FY 2004)

 

$ Change

 

% Change

Sales Tax - General

426,633

477,344

50,711

11.9%

Motor Fuel Tax – Gals. & Sales

53,628

58,567

4,939

9.2%

Income Tax - Individual

613,630

552,359

(61,271)

-10.0%

Income Tax - Corporate

119,233

94,623

(24,610)

-20.6%

Tobacco Taxes

27,306

42,046

14,740

54.0%

Alcoholic Beverage Taxes

18,649

17,921

(728)

-3.9%

Estate Tax

9,943

13,078

3,135

31.5%

Property Tax

1,403

1,129

(274)

-19.5%

Total Taxes

1,270,425

1,257,067

(13,358)

-1.1%

Other Revenues:

Peace Officer Training

1,773

2,172

399

22.5%

Other Fees and Sales

(12,843)

20,109

32,952

256.6%

Total Regulatory Fees & Sales

(11,070)

22,281

33,351

301.3%

 

Sub-Total

1,259,355

1,279,348

19,993

1.6%

 

 

Year-to-date

 

$

 

%

GENERAL FUND

FY 2003

 

FY 2004

 

Change

 

Change

Sales Tax - General

4,770,865

4,921,569

150,704

3.2%

Motor Fuel – Gal. & Sales

676,929

755,712

78,783

11.6%

Income Tax - Individual

6,271,374

6,583,077

311,703

5.0%

Income Tax - Corporate

513,439

494,701

(18,738)

-3.6%

Tobacco Taxes

111,166

227,348

116,182

104.5%

Alcoholic Beverage Taxes

139,728

149,801

10,073

7.2%

Estate Tax

88,496

66,018

(22,478)

-25.4%

Property Tax

58,687

62,999

4,312

7.3%

Total Taxes

12,630,684

13,261,225

630,541

5.0%

Other Revenues:

Peace Officer Training

21,603

22,555

952

4.4%

Other Fees and Sales

28,483

96,609

68,126

239.2%

Total Regulatory Fees & Sales

50,086

119,164

69,078

137.9%

 

Sub-Total

12,680,770

13,380,389

699,619

5.5%

Income Tax - HB 43 Withholding Acceleration

-

202,000

202,000

N/A

 

Net Revenue

12,680,770

13,582,389

901,619

7.1%

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. Prior to March 2004, the 3% 2nd motor fuel tax was reported as Sales Tax - General. Effective March 2004 the 3% 2nd motor fuel tax is reported as Motor Fuel Tax. All historical sales tax and motor fuel tax collection information in this press release has been reclassified for comparability purposes

6. $500K of the fiscal year 2003 totals were adjusted to the general ledger after last June's press release.