Press release, Nov. 4, 2004

Thursday, November 4, 2004

Contact: Office of Communications 404-651-7774

Governor Perdue Announces October Revenue Figures ATLANTA, GA Governor Sonny Perdue announced today that net revenue collections for the month of October 2004 (FY05) totaled $1,153,779,000 compared to $1,094,043,000 for October 2003 (FY04). This represents an increase of $59,736,000 (5.5%) over the previous year.
The percentage increase year-to-date for FY05 compared to FY04 is 11.5%. There have been three additional deposit days in FY05 compared to FY04.

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

GENERAL FUND Tax Revenues: Income Tax - Individual
Sales and Use Tax - General Motor Fuel Taxes:
Prepaid Motor Fuel Sales Tax
Motor Fuel Excise Tax Total Motor Fuel Taxes

For the Month Ended

October 2003 (FY
2004)

October 2004 (FY
2005)

$

% Change

Change

$549,700 $454,405

$576,379 $426,500

$26,679
$ (27,905)

4.9% -6.1%

$21,172 $40,299 $61,471

$25,219 $37,974 $63,193

$4,047 $(2,325) $1,722

19.1% -5.8% 2.8%

Income Tax - Corporate Tobacco Taxes Alcohol Beverages Tax Estate Tax Property Tax
Total Tax Revenues Other Revenues:
Other Fees and Sales Total Taxes/Other Revenues

$1,945 $19,762 $8,677 $4,766 $4,528 $1,105,254
$(11,211) $1,094,043

$28,023 $21,729 $10,959 $4,891 $6,080 $1,137,754
$16,025 $1,153,779

$26,078 $1,967 $2,282 $125 $1,552 $32,500

1340.8% 10.0% 26.3% 2.6% 34.3% 2.9%

$27,236 $59,736

242.9% 5.5%

GENERAL FUND

FY 2004

Tax Revenues:

Income Tax - Individual

$2,113,127

Sales and Use Tax - General $1,568,779

Motor Fuel Taxes:

Prepaid Motor Fuel SalesTax $77,368

Motor Fuel Excise Tax

$157,758

Total Motor Fuel Taxes

$235,126

Income Tax - Corporate

$75,891

Tobacco Taxes

$52,654

Alcohol Beverages Tax

$45,532

FY 2005
$2,316,839 $1,696,330
$103,237 $148,996 $252,233 $149,813 $73,381 $49,470

$ Change

% Change

$203,712 $127,551

9.6% 8.1%

$25,869 $ (8,762) $17,107 $73,922 $20,727 $3,938

33.4% -5.6% 7.3% 97.4% 39.4% 8.6%

Estate Tax

$16,012

$21,685

$5,673

Property Tax

$11,753

$13,907

$2,154

Total Tax Revenues

$4,118,874

$4,573,658

$454,784

Other Revenues:

Other Fees and Sales

$12,036

$31,685

$19,649

Total Taxes/Other Revenues $4,130,910

$4,605,343

$474,433

Notes:
1. Totals do not include Motor Vehicle License Tax, Insurance Premium Tax, Peace Officers' and Prosecutors Training Fund fees and State Children's Trust fund.
2. Other Fees and Sales include taxes and fees that have been deposited in the bank, but the returns have not been processed. It also includes unclaimed property collections.
3. FY 2004 numbers were adjusted in the following manner:
- Income Tax - Individual was increase by $16.8M as a result of allocating the accelerated withholding collections evenly throughout 2004.
- $21M was reclassed from Sales and Use Tax in October 2003 and reported as Prepaid Motor Fuel Sales Tax.- $108K was excluded from Other Fees and Sales because the Department no longer collects State Childrens' Trust funds.
- For the months of October 2003 and December 2003, $179K and $192K in Other Fees and Sales were reported on the following graph but not on this "Comparative Net Revenue Collections" report.
# # #

35.4% 18.3% 11.0%
163.3% 11.5%