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Budget Recommendations

Section 1A - Revenue by Source and Fund

Section 1A - Revenue by Source and Fund
 
 
SECTION 1A. In accordance with Articles LXIII and CVII of the Articles of Amendment to the Constitution of the Commonwealth and section 6D of chapter 29 of the General Laws, it is hereby declared that the amounts of revenue set forth in this section by source for the respective funds of the commonwealth for the fiscal year ending June 30, 2004, are necessary and sufficient to provide the means to defray the appropriations and expenditures from such funds for said fiscal year as set forth and authorized in section 2. The comptroller shall keep a distinct account of actual receipts from each such source by each such fund, furnish the executive office for administration and finance and the house and senate committees on ways and means with quarterly statements comparing such receipts with the projected receipts set forth herein, and include a full statement comparing such actual and projected receipts in the annual report for said fiscal year pursuant to section 12 of chapter 7A of the General Laws; provided, that such quarterly and annual reports shall also include detailed statements of any other sources of revenue for the budgeted funds in addition to those specified in this section.
 
Fiscal Year 2004 Revenue by Source and Budgeted Fund (in Millions)
 
Source All
Budgeted
Funds
General
Fund
Highway
Fund
MBTA Convention
Center

Tax Revenue
Alcohol. Bev. 65.6 65.6 0.0 0.0 0.0
Cigarettes 443.8 443.8 0.0 0.0 0.0
Corporations 628.2 628.2 0.0 0.0 0.0
Deeds 143.9 143.9 0.0 0.0 0.0
Estate Inher. 172.1 172.1 0.0 0.0 0.0
Financial Institutions 173.0 173.0 0.0 0.0 0.0
Income 8,019.2 8,019.2 0.0 0.0 0.0
Insurance 356.0 356.0 0.0 0.0 0.0
Motor Fuels 702.1 102.1 600.1 0.0 0.0
Public Utils. 72.0 72.0 0.0 0.0 0.0
Racing 0.0 0.0 0.0 0.0 0.0
Room Occupancy 133.9 107.7 0.0 0.0 26.2
Sales-Regular 2,632.9 2,064.9 0.0 563.4 4.6
Sales-Meals 513.3 511.4 0.0 0.0 1.9
Sales-Mot.Veh. 582.3 461.4 0.0 120.9 0.0
Miscellaneous 15.6 4.2 0.0 0.0 11.4
UI Surcharges 24.0 24.0 0.0 0.0 0.0
Total Taxes 14,678.0 13,349.5 600.1 684.3 44.1

 
Loophole Closings and Sales Tax Adjustment

REITS (Financial Institutions) 40.0 40.0 0.0 0.0 0.0
Business Purpose Provisions (Corporate Tax) 50.0 50.0 0.0 0.0 0.0
Subsidiary S-Corps (Corporate Tax) 30.0 30.0 0.0 0.0 0.0
Interest Related to Tax Payments 28.0 28.0 0.0 0.0 0.0
Defining MA Source Income (Income Tax) 1.0 1.0 0.0 0.0 0.0
Multi-State Corporate Trusts (Income Tax) 5.0 5.0 0.0 0.0 0.0
Out-of-State Sales/Use Provisions (Sales Tax) 2.0 2.0 0.0 0.0 0.0
Valuation of used cars (Sales Tax) 10.0 10.0 0.0 0.0 0.0
Total Changes 166.0 166.0 0.0 0.0 0.0
 
Total Taxes 14,844.0 13,515.5 600.1 684.3 44.1

 
Non-Tax Revenue

Federal Reimbursements 5,014.9 5,014.3 0.7 0.0 0.0
Departmental Revenues 2,293.6 1,537.4 746.7 0.0 9.5
Consolidated Transfers 1,525.1 1,569.0 -43.8 0.0 0.0
GRAND TOTAL 23,677.6 21,636.2 1,303.7 684.3 53.6