Governor Deval Patrick's Budget Recommendation - House 1 Fiscal Year 2008

Governor's Budget Recommendation FY2008

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, 2008, are necessary and sufficient to provide the means to defray the appropriations and expenditures from such funds for that 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 in this section, and include a full statement comparing such actual and projected receipts in the annual report for that fiscal year pursuant to section 12 of chapter 7A of the General Laws. These 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 2008 Revenue by Source and Budgeted Fund (in Millions)
Source All
Budgeted
Funds *
General
Fund
Highway
Fund
SMART MBTA
Tax Revenue
Alcohol. Bev. 72.0 72.0 0.0 0.0 0.0
Cigarettes 426.3 426.3 0.0 0.0 0.0
Corporations 1,518.5 1,518.5 0.0 0.0 0.0
Deeds 177.0 177.0 0.0 0.0 0.0
Estate Inher. 225.0 225.0 0.0 0.0 0.0
Financial Institutions 254.4 254.4 0.0 0.0 0.0
Income 11,604.6 11,604.6 0.0 0.0 0.0
Insurance 439.9 439.9 0.0 0.0 0.0
Motor Fuels 673.8 96.7 576.1 0.0 0.0
Public Utils. 132.8 132.8 0.0 0.0 0.0
Room Occupancy 114.2 74.2 0.0 0.0 0.0
Sales-Regular 3,035.7 1,857.7 0.0 537.7 640.4
Sales-Meals 631.8 631.8 0.0 0.0 0.0
Sales-Mot.Veh. 547.9 335.3 0.0 97.0 115.6
Miscellaneous 3.7 3.7 0.0 0.0 0.0
UI Surcharges 21.5 0.0 0.0 0.0 0.0
Total Taxes 19,879.0 17,849.9 576.1 634.7 756.0
 
Loophole Closings
Combined Reporting (Corporate) 135.6 135.6 0.0 0.0 0.0
Conform Entity Classification Rules to Federal Laws (Corporate) 99.1 99.1 0.0 0.0 0.0
Insurance Companies Operating Non-Insurance Businesses (Insurance) 13.5 13.5 0.0 0.0 0.0
Deeds Excise Avoidance through disposition of interests in LLC's, etc. 11.7 11.7 0.0 0.0 0.0
Room Occupancy Tax; Internet Resellers (Total) 5.6 3.6 0.0 0.0 0.0
Sales Tax: Captive Leasing Companies (Sales) 27.5 27.5 0.0 0.0 0.0
Earned Income Credit for Non-Residents 2.0 2.0 0.0 0.0 0.0
Homeowner Property Tax Circuit Breaker (5.0) (5.0) 0.0 0.0 0.0
Total Changes 290.0 288.0 0.0 0.0 0.0
 
Total Taxes 20,169.0 18,137.9 576.1 634.7 756.0
SBAB Transfer (634.7) 0.0 0.0 (634.7) 0.0
MBTA Transfer (756.0) 0.0 0.0 0.0 (756.0)
Pension Transfer (1,398.6) (1,398.6) 0.0 0.0 0.0
Total Taxes For Budget 17,379.7 16,739.3 576.1 0.0 0.0
 
Non-Tax Revenue
Federal Reimbursements 6,245.2 6,238.3 2.0 0.0 0.0
Departmental Revenues 2,399.8 1,887.8 416.2 0.0 0.0
Consolidated Transfers 702.3 777.6 (0.4) 0.0 0.0
GRAND TOTAL 26,727.0 25,643.0 993.9 0.0 0.0
* Includes revenue deposited into the Workforce Training Fund, Mass Tourism Fund, Inland Fish and Game Fund, and Stabilization Fund.