Among the major taxes, Sales Tax collections for the first two months
total $1.108 billion, which is $15.131 million (1.4 percent) above
projections. Income Tax revenues for the two-month period total $815.367
million, which is $6.6 million (0.8 percent) under estimates, while
the Corporation Business Tax, at $95.7 million, is running $9.7 million
(11.3 percent) ahead of projections.
“In reviewing the first snapshot for the new fiscal year, we
are pleased to see revenues that are closely aligned with budget projections,” said
Treasurer McCormac. “July and August, however, are among the
lowest months of the year for cash receipts so we need to be careful
not to read too much into these results."
Treasurer McCormac
added that preliminary information for FY 2004 indicates that the
estimated closing balance of $826
million will
be achieved pending final review by the Office of Management and
Budget.
The final audit of FY 2004 will be released in December through OMB’s
Comprehensive Annual Financial Report.
“We are encouraged by the performance to date and we will monitor
collections closely as we proceed further into the fiscal year,” McCormac
said.
