Revenue Commissioner Alan LeBovidge today announced that the preliminary estimate of revenue collections for fiscal 2005 is $17.057 billion, an increase of $1.104 billion over fiscal 2004 collections. The total is also $407 million above the revised fiscal '05 benchmark of $16.650 billion.
If the estimate holds, it would be the first time the Commonwealth's revenue collections topped $17 billion in a fiscal year.
We still have some work to do before the numbers can be finalized," LeBovidge said. "By the middle of July we should have a more precise accounting of what appears to be a very good year for revenues."
The preliminary estimate of revenues for June is $1.8 billion, an increase of $27 million over last June and $31 million above the monthly benchmark.
The Revenue Department applies Generally Accepted Accounting Principles in the process of closing the books on a fiscal year.
June 2005 Tax Collection Summary (preliminary as of July 18, 2005)