Press release, Feb. 5, 2004B

Thursday, February 5, 2004

Contact: Office of Communications 404-651-7774

Governor Perdue Announces January Revenue Collections

Atlanta - Governor Sonny Perdue announced today that net revenue collections for the month of January 2004 (FY04) totaled $1,466,917,000 compared to $1,367,200,000 for January 2003 (FY03), an increase of $99,717,000 or 7.3%. The percentage increase year-to-date for FY04 compared to FY03 is 4.7%.
Governor Perdue, through OPB Director Tim Connell , has asked all state agencies to institute budget expenditure restrictions. These restrictions include delaying the purchase of office supplies or other consumables, minimizing the filling of staff vacancies, closer monitoring and restriction of travel, and delaying or canceling equipment purchases.
"Our revenue figures for the year are still below where they need to be at this time. We hope to meet our budget projections by carefully managing expenditures," said Thomas D. Hills , Georgia 's Chief Financial Officer.
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Georgia Department of Revenue

Comparative Net Revenue Collections

( unaudited - 000's)

GENERAL FUND
Sales Tax - General Motor Fuel - Gal. & Sales Income Tax - Individual Income Tax - Corporate Tobacco Taxes Alcoholic Beverage Taxes Estate Tax Property Tax Total Taxes Other Revenues: Peace Officer Training

For the Month Ended

January 2003 (FY 2003)

January 2004 (FY 2004)

$ Change % Change

455,818

490,687

34,869

7.6%

41,751

39,694

(2,057)

-4.9%

766,479

883,100

116,621

15.2%

17,143

7,361

(9,782)

-57.1%

4,382

17,226

12,844

293.1%

11,662

17,167

5,505

47.2%

3,388

3,677

289

8.5%

12,480

8,497

(3,983)

-31.9%

1,313,103

1,467,409

154,306

11.8%

1,815

1,624

(191)

-10.5%

Other Fees and Sales Total Regulatory Fees & Sales

52,282 54,097

(2,116) (492)

(54,398) (54,589)

-104.0% -100.9%

Net Revenue

1,367,200

1,466,917

99,717

7.3%

GENERAL FUND Sales Tax - General Motor Fuel Tax - Gals. & Sales Income Tax - Individual Income Tax - Corporate Tobacco Taxes Alcoholic Beverage Taxes Estate Tax Property Tax Total Taxes Other Revenues: Peace Officer Training Other Fees and Sales Total Regulatory Fees & Sales

Year-to-date

FY 2003

FY 2004

2,755,244

2,894,155

273,661

280,339

3,927,969

4,145,846

180,427

144,353

40,993

107,699

74,959

86,759

51,307

29,029

44,847

47,534

7,349,407

7,735,714

$ Change 138,911
6,678 217,877 (36,074)
66,706 11,800 (22,278)
2,687 386,307

% Change
5.0% 2.4% 5.5% -20.0% 162.7% 15.7% -43.4% 6.0% 5.3%

11,730 82,844 94,574

12,295 49,246 61,541

565 (33,598) (33,033)

4.8% -40.6% -34.9%

Net Revenue

7,443,981

7,797,255

353,274

4.7%

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 $19.5M and $17.5M in January 2004 and 2003, respectively. 6. January 2004 reported collections include $371K in taxes collected in prior months but improperly
excluded from this report. This amount represents Real Estate Transfer Tax Collections of $179K in October and $192K in December not previously reported on this comparative report.
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