Press release, May 5, 2004A

Wednesday, May 5, 2004

Contact: Office of Communications 404-651-7774

Governor Perdue Announces April Revenue Collections

ATLANTA , GA - Governor Sonny Perdue announced today that revenue collections for the month of April 2004 (FY04) totaled $1,109,030,000 compared to $940,181,000 for April 2003 (FY03), an increase of $168,849,000 or 18.0%.
"An improving economy, better management, and more efficient collection processes are having a positive impact on state revenues," said Governor Sonny Perdue. "Commissioner Graham and his team are doing an excellent job managing the Department of Revenue. Their hard work is paying off for the people of Georgia."
Governor Perdue cautioned that the year-to-date increase over 2003 is still only 7.6% and that this month's increase should not be used as a reason to anticipate spending. "We're still digging out of a pretty deep hole. We are going to remain cautious and conservative."
The 2003 General Assembly passed legislation, House Bill 43, which included a provision allowing the Georgia Department of Revenue (DOR) to accelerate the collection of withholding taxes on a timetable more consistent with the United States Internal Revenue Service (IRS). This provision went into effect April 1, 2004. DOR was successful in collecting all of the withholding taxes from March and the first three weeks of April resulting in an additional $202,000,000 in revenue. Under the previous system, these taxes would not have been paid until May. The addition of this revenue brings the monthly increase of April FY04 compared to April FY03 to $370,849,000 or 39.4%.
"We will continue to be good stewards of the state's resources by managing our revenues in a responsible manner, directing more resources to education, and building our reserves. Georgia's Triple A bond rating is critical to our sound financial footing and we must continue to do everything in our power to maintain it," concluded Governor Perdue.
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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 Other Fees and Sales
Total Regulatory Fees & Sales Sub-Total
Income Tax - HB 43 Withholding Acceleration Net Revenue

GEORGIA DEPARTMENT OF REVENUE Comparative Net Revenue Collections
(unaudited - 000's)

For the Month Ended

April 2003 (FY 2003) 394,965 56,313 385,055 77,557 8,186 11,642 2,194 3,177
939,089

April 2004 (FY 2004) 437,240 61,281 495,307 70,965 20,334 11,442 5,812 2,020
1,104,401

1,821 (729) 1,092 940,181

1,827 2,802 4,629 1,109,030

$ Change
42,275 4,968 110,252 (6,592) 12,148 (200) 3,618 (1,157) 165,312
6 3,531 3,537 168,849

% Change
10.7% 8.8% 28.6% -8.5% 148.4% -1.7% 164.9% -36.4% 17.6%
0.3% 484.4% 323.9%
18.0%

-

202,000

202,000

N/A

940,181

1,311,030

370,849

39.4%

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 Sub-Total
Income Tax - HB 43 Withholding Acceleration Net Revenue

Year-to-date
FY 2003 4,004,324 403,789 4,940,845 377,106 76,801 110,267 68,180 55,993
10,037,305

FY 2004 4,145,224
473,021 5,235,734
375,194 164,861 117,422 47,140 60,509
10,619,105

17,629 75,993 93,622 10,130,927

18,453 63,602 82,055 10,701,160

$
Change 140,900 69,232 294,889 (1,912) 88,060
7,155 (21,040)
4,516 581,800
824 (12,391) (11,567) 570,233

%
Change 3.5% 17.1% 6.0% -0.5%
114.7% 6.5%
-30.9% 8.1% 5.8%
4.7% -16.3% -12.4%
5.6%

-

202,000

202,000

N/A

10,130,927 10,903,160

772,233