HOUSE JOINT RESOLUTION NO. 2
INTRODUCED BY WAITSCHIES, LAKE
BY REQUEST OF THE REVENUE AND TRANSPORTATION INTERIM COMMITTEE
A JOINT RESOLUTION OF THE SENATE AND THE HOUSE OF REPRESENTATIVES OF THE STATE OF MONTANA ESTABLISHING AN OFFICIAL ESTIMATE OF THE STATE'S ANTICIPATED GENERAL FUND REVENUE FOR EACH YEAR OF THE 2006-07 BIENNIUM FOR THE PURPOSE OF ACHIEVING A BALANCED BUDGET AS MANDATED BY ARTICLE VIII, SECTION 9, OF THE MONTANA CONSTITUTION; ACCEPTING A PRELIMINARY JUNE 30, 2004, UNRESERVED GENERAL FUND BALANCE THAT WAS ESTABLISHED BASED ON GENERALLY ACCEPTED ACCOUNTING PRINCIPLES; ESTABLISHING OFFICIAL ESTIMATES OF CERTAIN NONGENERAL FUND REVENUE; AND REQUESTING THAT THE GOVERNOR'S OFFICE OF BUDGET AND PROGRAM PLANNING USE THE REVENUE ESTIMATES CONTAINED IN THIS RESOLUTION AS OFFICIAL REVENUE ESTIMATES FOR FISCAL YEARS 2005, 2006, AND 2007.
WHEREAS, Article VI, section 9, of the Montana Constitution requires the Governor to submit to the Legislature a budget for the ensuing fiscal period, containing in detail for all operating funds the proposed expenditures and estimated revenue of the state; and
WHEREAS, Article VIII, section 9, of the Montana Constitution prohibits the Legislature from appropriating funds in excess of the anticipated revenue of the state; and
WHEREAS, section 5-5-227(2), MCA, requires the Revenue and Transportation Interim Committee to estimate the amount of revenue projected to be available for legislative appropriation and to introduce a resolution setting forth the Committee's current revenue estimate for the biennium; and
WHEREAS, section 5-5-227(3), MCA, expresses the Legislature's intent that its revenue estimates and the underlying assumptions used to derive those estimates be used by all agencies in the development of fiscal notes; and
WHEREAS, section 5-12-302(6), MCA, requires the Legislative Fiscal Analyst to assist the Revenue and Transportation Interim Committee in its revenue estimating duties; and
WHEREAS, to assist in its revenue estimating responsibilities, the Revenue and Transportation Interim Committee requested the assistance of the Legislative Fiscal Analyst, as allowed in section 5-5-227(4), MCA, to provide information on taxes and revenue sources; and
WHEREAS, the Revenue and Transportation Interim Committee obtains the assistance of Executive Branch agencies in the development of the revenue estimates; and
WHEREAS, the Revenue and Transportation Interim Committee has adopted revenue estimates and the underlying assumptions used to derive those estimates for the general fund and for specific nongeneral fund sources that are significant in the development of the state budget for the 2007 biennium; and
WHEREAS, the amount of estimated revenue and the general fund balance affects policy decisions of the Executive Branch and the Legislative Branch; and
WHEREAS, the revenue estimates and the underlying assumptions contained in this resolution provide the basis for a comprehensive analysis of the state's revenue condition.
NOW, THEREFORE, BE IT RESOLVED BY THE SENATE AND THE HOUSE OF REPRESENTATIVES OF THE STATE OF MONTANA:
That the state general fund revenue for fiscal years 2005, 2006, and 2007 be estimated to be $1,384,639,000 $1,396,528,000 $1,411,952,000, $1,429,143,000 $1,425,745,000 $1,429,768,000, and $1,469,173,000 $1,467,194,000 $1,475,348,000, respectively.
BE IT FURTHER RESOLVED, that the Legislature accept for budget purposes the preliminary unreserved fiscal year 2004 fund balance of $135,254,000 $132,873,000 for the general fund, prepared according to generally accepted accounting principles.
BE IT FURTHER RESOLVED, that the Governor's Office of Budget and Program Planning use the revenue estimates and the underlying assumptions contained in this resolution as the official revenue estimates for fiscal years 2005, 2006, and 2007.
GENERAL FUND REVENUE
The projections for total general fund revenue for fiscal years 2005, 2006, and 2007 are based on the assumption of a continuation of Montana law as it existed on January 1, 2005. The revenue estimates contained in the following tables are based on the assumptions listed in the tables that follow the general fund estimates and the assumptions for each general fund revenue source contained in the "Legislative Budget Analysis, 2007 Biennium, Volume 2 -- Revenue Estimates" (Revenue Estimates as adopted by the Revenue and Transportation Interim Committee) prepared by the Legislative Fiscal Division.
Current Law
General Fund Revenue Estimates
(In Millions of Dollars)
Adjusted
60; Actual Estimated Estimated Estimated
Source of Revenue FY 2004 FY 2005 FY 2006 FY 2007
Individual Income Tax $605.348 $588.638 $605.029 $629.840
60; $604.062
60; $619.486
Statewide and Vo-Tech Property Taxes 169.531 170.051 175.823 & #160; 182.663
Vehicle Tax 83.607 &# 160; 80.360 80.140 82.050
Corporation Income Tax 67.723 66.332& #160; 80.621 77.927
Insurance Tax and License Fees 56.533 59.272 62.163 65.220
Video Gambling Tax 50.749 &# 160; 52.932 55.304 57.782
All Other Revenue 30.242 0; 28.304 24.734 24.923
Permanent Coal Trust Interest Earnings 34.907 35.999 36.790 37.244
60; 33.892 33.563 33.899
Motor Vehicle Fee 30.724 &# 160; 31.730 36.770 37.819
U.S. Mineral Royalty 28.736 ; 35.837 34.660 35.334
60; 35.616 37.283
Telecommunications Excise Tax 20.890 21.307 & #160; 21.700 22.101
Tobacco Settlement 2.934 60; 2.871 2.319 2.309
Public Institution Reimbursements 18.110 16.032 &# 160; 14.900 14.900
3% Accommodations Sales Tax 9.279 10.113 &# 160; 10.715 11.419
Estate Tax 11.431&# 160; 3.701 1.950 0.939
Oil and Natural Gas Production Tax 41.324 58.206 & #160;58.498 59.057
60; 61.565 65.263
Treasury Cash Account Interest 6.393 10.602 13.287 13.015
60; 9.174 13.116 14.381
Liquor Excise and License Tax 10.718 11.125 & #160; 11.535 11.959
Coal Severance Tax 8.643 60; 9.105 8.659 8.841
Cigarette Tax 36.002 &# 160; 34.608 33.193 32.030
Lottery Profits 8.116 & #160; 7.273 7.288 7.953
Nursing Facilities Fee 5.916 60; 5.833 5.793 5.757
Liquor Profits 6.500 & #160; 6.608 6.854 7.158
Investment License Fee 4.834 60;4.464 4.598 4.736
Electrical Energy Producer's License
Tax 4.661 4.295 4.276
Highway Patrol Fines 4.084 &# 160; 4.104 4.125 4.143
Metalliferous Mines Tax 3.232 60; 4.483 5.328 5.533
Public Contractors Tax 2.120 60; 1.748 3.030 2.872
Wholesale Energy Transaction Tax 3.293 3.485 60; 3.520 3.555
Beer Tax 60; 2.897 2.933 2.986 3.039
Driver's License Fee 3.021 60; 2.997 3.011 3.018
Rental Car Sales Tax 2.486 60; 2.593 2.704 2.820
Tobacco Tax 3.562 60; 3.677 3.779 3.847
Railroad Car Tax 1.568 60; 1.585 1.574 1.562
Wine Tax 60;1.423 1.436 1.487 1.538
Total General Fund $1,381.565 $1,384.639 $1,429.143 $1,469.173
60; $1,396.528 $1,425.745 $1,467.194
60; $1,411.952 $1,429.768 $1,475.348
SIGNIFICANT ASSUMPTIONS FOR GENERAL FUND REVENUE ESTIMATES
Revenue and Transportation Interim Committee
Year Assumption 2004 60; 2005 2006 2007
Individual Income Tax
FY Income Tax Audit Collections (Millions) $29.922 $25.501 $26.162 $27. 578
CY Taxpayer Population (Percent Change) 1.00% 2.01% 3.03% 60; 4.08%
FY 30% Bonus Depreciation (Percent Change) (30.00%) (69.31%) (500.56%) (39.19%)
Income Indicators
CY Wage and Salary Income (Percent Change) 5.70% 4.40% 4.50% 60; 4.50%
CY Net Farm Income (Percent Change) 0.00% 0.00% 0.00% 0.00%
CY Interest Income (Percent Change) 1.48% 1.37% 1.03% 60; 4.37%
CY Dividend Income (Percent Change) 11.96% 1.42% 6.39% &# 160; 6.34%
CY Rent, Royalty, and Partnership
Income (Percent Change) 10.19% 9.10% 60; 7.69% 7.38%
CY Net Business Income (Percent Change) 8.89% 7.02% 5.58% 60; 5.91%
CY Capital Gains and Losses
(Percent Change) 0.00% 0; 1.88% 3.92% 4.98%
CY Supplemental Gains (Percent Change) 0.00% 1.88% 3.92% 60; 4.98%
CY Social Security Income (Percent Change) 4.86% 4.37% 8.01% 60; 6.37%
CY IRA Income (Percent Change) 4.86% 4.37% 0; 8.01% 6.37%
CY Pension Income (Percent Change) 4.86% 4.37% 8.01% 60; 6.37%
CY Other Income (Percent Change) 0.00% 0.00% 0.0 0% 0.00%
CY Bond Interest (Percent Change) 1.48% 1.37% 1.0 3% 4.37%
CY Federal Income Tax Refunds
(Percent Change) 4.80% 0; 4.80% 4.80% 4.80%
CY Other Additions to Income
(Percent Change) 1.20% 0; 1.20% 1.20% 1.20%
CY IRA Deduction (Percent
Change) 1.48% 1.37% 1.03%
CY Reductions to Income (Percent Change) 5.19% 5.12% 5.13% 60; 5.47%
CY Other Reductions to Income 7.00% 7.00% ; 7.00% 7.00%
Deductions From Income
CY Medical Premiums (Percent Change) 7.16% 7.84% 7.39% 60; 6.10%
CY Medical Deductions (Percent Change) 7.16% 7.84% 7.39% 60; 6.10%
CY Real Estate Tax (Percent Change) 4.17% 4.17% 4.17% 60; 4.17%
CY Prior Year Federal Tax Payments
(Percent Change) 4.11% 0; 4.11% 4.11% 4.11%
CY Motor Vehicle Taxes and Fees
(Percent Change) 3.00% 0; 3.00% 3.00% 3.00%
CY Home Mortgage (Percent Change) 4.29% 5.15% 4.62% 60; 4.52%
CY Contributions (Percent Change) 5.40% 5.40% 5.40% 5.40%
CY Gambling Losses (Percent Change) 0.00% 0.00% 0.00% 60; 0.00%
CY Total Itemized Deductions
(Percent Change) 5.55% (22.34%) 4.99% 3.56%
Credits
CY Homeowner and Renter Credit (Millions) $12.135 $12.718 $13.328 $13.968
CY All Other Credits (Percent Change) 0.57% 4.00% 4.00% 60; 4.00%
Other Individual Income Tax Assumptions
CY Tax Liability (Millions) $577.410 $564.619 0;$579.141 $610.498
CY Current Calendar Year to
Fiscal Year Conversion 52.1% 52.1% ; 52.1% 52.1%
CY Previous Calendar Year to
Fiscal Year Conversion 47.9% 47.9% & #160; 47.9% 47.9%
FY Fiscal Year 2003 Base (Millions) $535.831
Property Taxes: Taxable Value and Other Property Tax Indicators
Taxable Value--40-Mill, 55-Mill, and 1.5-Mill Levies
FY Property Class One (Millions) $7.808 $8.032 $9.080 $9.080
FY Property Class Two (Millions) $8.800 $10.428 $12.719 $17.058
FY Property Class Three (Millions) $140.240 $139.902 $139.902 & #160; $139.902
FY Property Class Four (Millions) $1,034.656 $1,076.985 $1,118.987 $1,162.627
FY Property Class Five (Millions) $32.725 $34.024 $34.058 0; $34.092
FY Property Class Seven (Millions) $0.995 $0.974 $0.974 & #160; $0.974
FY Property Class Eight (Millions) $118.297 $117.241 $121.344 & #160; $125.591
FY Property Class Nine (Millions) $212.111 $219.993 $219.773 & #160; $219.553
FY Property Class Ten (Millions) $6.789 $6.791 $6.676 $6.562
FY Property Class Twelve (Millions) $45.630 $45.074 $44.173 0; $43.289
FY Property Class Thirteen (Millions) $125.623 $120.485 $118.557 $116.660
FY Total Taxable Value (Millions) $1,703.301 $1,756.251 $1,802.672 $1,856.268
Other Property Tax Indicators
FY Tax Increment Finance Value (Millions) $33.562 $27.767 $27.767 $23. 430
FY Property Tax Abatement Value (Millions) $3.188 $4.088 $4.195 & #160; $4.308
FY Taxable Value in 1.5-Mill Vo-Tech Counties
(Millions) $596.513 0; $608.056 $624.056 $646.070
Property Tax Nonlevy Revenue
FY 40-Mill Nonlevy Revenue (Millions) $4.315 $0.000 $0.000 & #160; $0.000
FY 40-Mill Adjustments (Millions) ($7.063) ($5.650) ($4.238) 0; ($2.825)
FY 55-Mill Nonlevy Revenue (Millions) $13.316 $8.315 $8.241 $8.543
FY 55-Mill Adjustments (Millions) $0.000 ($0.370) ($0.370) ($0.370)
FY 1.5-Mill Nonlevy Revenue (Millions) $0.000 $0.000 0.000 &# 160; $0.000
FY 1.5-Mill Adjustments (Millions) $0.000 $0.000 $0 .000 $0.000
Vehicle Tax
FY Large Trucks Growth Rate
(Percent Change) 11.20% 60; 2.40% 2.40% 2.40%
FY Motor Home Growth Rate (Percent Change) 67.34% 2.40% 2.40% &# 160;2.40%
FY Light Vehicle Growth Rate
(Percent Change) 34.18% 60; 2.40% 2.40% 2.40%
FY Boat and Snowmobile Growth Rate
(Percent Change) 2.63% 0; 2.40% 2.40% 2.40%
FY New Light Vehicle Registration
Growth Rate (Percent Change) 34.18% 2.40% 60; 2.40% 2.40%
Corporation License Tax
FY U.S. Profits (Billions) $933.400 $1,165.200 $1,348.500 0; $1,383.200
FY Penalty and Interest (Millions) $4.143 $0.000 $0 .000 $0.000
FY Corporate Income Tax Audits (Millions) $10.031 $3.000 $3.500 $4.000
FY Depreciation (Millions) ($8.721) ($1.075) $4.303 $2.616
FY Adjustments (Millions) ($13.195) ($8.400) ; $0.000 $0.000
Insurance Premiums Tax and License Fees
FY General Fund Fee Revenue (Millions) $0.623 $0.623 $0.623 & #160; $0.623
FY Genetics Fee (Millions) $0.583 $$0.583 &# 160; $$0.583 $$0.583
FY Premiums Tax (Millions) $56.775 $59.593 & #160; $62.551 $65.656
FY Offsets
(Millions) $1.161 $1.128
FY Refunds (Millions) $0.287 $0.400 60; $0.475 $0.475
Video Gambling Tax
FY Video Machine Net Income (Millions) $332.903 $352.877 $368.688 $385.208
PERMANENT COAL TRUST INTEREST EARNINGS
FY CAPITAL GAINS
(MILLIONS) $12.315 $6.400 $3.000
Motor Vehicle Fee--General Fund Allocations
FY Motor Vehicle Registration Fee
(Millions) $22.577 $22.011 $22.539 $23.080
FY Recording of Liens Fee (Millions) $0.737 $0.755 $0.773 & #160; $0.792
FY Title Fee (Millions) $2.660 $2.724 60; $2.790 $2.857
FY Park Fees $0.000 & #160; $0.000 $2.744 $2.810
FY Personal License Plate Fee (Millions) $1.492 $1.528 $1.565 & #160; $1.602
FY New License Plate Fee (Millions) $0.910 $1.331 $4.935 & #160; $2.447
FY Senior Citizen Transit Fee (Millions) $0.394 $0.404 $0.413 & #160; $0.423
FY Other Fees (Millions) $1.953 $2.171 60; $2.223 $2.276
U.S. Mineral Royalty
CY Oil Production (Millions of Barrels) 4.026 4.954 5.309 6.045
CY Coal Production (Millions of Tons) 21.699 19.528 20.565 0; 22.789
CY Natural Gas Production (MMCF) 25.100 25.126 24.018 &# 160; 27.129
CY Oil Price (Per Barrel) $44.786 $38.516 &# 160; $33.394 $33.570
60; $36.734 $36.929
CY Coal Price (Per Ton) $9.448 $9.134 $9.285 $9.240
CY Natural Gas Price (Per MCF) $6.929 $6.468 $6.365 $5.213
60; $7.001 $5.738
CY Oil Royalty Rate (Percent) 10.96% 10.93% & #160; 10.91% 10.93%
CY Coal Royalty Rate (Percent) 12.32% 12.33% 12.34% 12.33%
CY Natural Gas Royalty Rate (Percent) 12.29% 12.30% 12.28% 12.30%
CY Other Royalties (Millions) $0.107 $0.108 60; $0.107 $0.108
CY Rent and Bonus (Millions) $6.944 $6.944 60; $6.944 $6.944
Telecommunications Excise Tax
FY Taxable Gross Receipts (Millions) $544.550 $554.842 $565.328 $576.013
Tobacco Settlement
FY Volume Change (Percent Change) (5.64%) (5.64%) (5.64%) (5.64%)
FY Cumulative Volume Change
(Percent Change) (27.54%) (31.62%) ; (35.48%) (39.11%)
FY CPI Change (Percent Change) 3.00% 3.00% 0; 3.00% 3.00%
FY Cumulative CPI Change (Percent Change) 16.36% 19.85% 23.45% 27.15 %
FY Operating Income Adjustment (Millions) $0.000 $0.000 $0.000 & #160; $0.000
FY Subsequent Manufacturers' Payment
(Millions) $293.807 0; $352.138 $434.712 $552.748
FY Nonparticipating Manufacturers'
Adjustment (Millions) $0.000 $0.000 60; ($4.792) ($4.768)
Public Institution Reimbursements
FY Private Payments (Millions) $1.424 $2.680 60; $2.672 $2.700
FY Insurance Payments
(Millions) $0.311 $0.412 $0.420 $0.429
FY Medicaid Payments (Millions) $14.337 $14.159 $12.999 0; $12.929
FY Medicare Payments (Millions) $2.038 $1.703 $1 .736 $1.770
FY Debt Service MT Developmental Center
(Millions) ($0.869) ($1.013) ($0.017) ($1.015)
FY Debt Service MT State Hospital
(Millions) ($1.752) ($1.909) ($1.909) ($1.913)
FY Adjustments (Millions) ($3.180) $0.000 & #160; $0.000 $0.000
Estate Tax
FY Annual Change in Tax (Percent Change) (14.09%) (67.62%) (47.32%) (51.85%)
Oil Production Tax
CY Oil Production (Million Barrels) 22.324 27.472 29.439&# 160; 33.517
CY Montana Oil Price
(Weighted Price/Barrel) $46.00 $39.56 $34.30 $34.48
60; $37.73 $37.93
CY Exempt Value of Production (Millions) $29.461 $21.455 $23.350 0;$30.139
CY Effective Tax Rate (Percent) 9.07% 8.45% 60; 9.00% 8.57%
Natural Gas Production Tax
CY Natural Gas Production (MMCF) 89.464 100.744 107.368 116.048
CY Montana Natural Gas Price
(Weighted Price/MCF) $5.41 $5.05 60; $4.97 $4.07
60; $5.47 $4.48
CY Exempt Value of Production (Millions) $19.884 $14.230 $16.941 0;$16.790
CY Effective Tax Rate (Percent) 9.42% 9.14% 60; 9.05% 9.01%
Treasury Cash Account Interest
FY TCA Average Balance w/TRANS (Millions) $311.478 $311.478 $311.478 $311.478
60; $351.478 $351.478 $351.478
FY TCA Average Yield (Percent) 2.05% 3.40% 4.27% 4.18%
60; 2.77% 3.73% 4.09%
FY TRANS Issue Size (Millions) $73.400 $0.000 $ 0.000 $0.000
Liquor Excise and License Tax
FY Tribal Distributions (Millions) ($0.216) ($0.212) ($0.222) 0; ($0.232)
Coal Severance Tax
CY Severance Tax Coal Production
(Million Tons) 34.165 & #160; 32.370 31.448 33.563
CY Montana Contract Sales Price
(Weighted CSP/Ton) $6.759 $6.617 &# 160; $6.656 $6.650
Cigarette Tax
FY Cigarette Packs (Millions) 60.907 50.228 60; 45.239 43.991
FY Effective Tax Rate Per Pack (Dollars) $0.70 $1.20 $1.70 ; $1.70
FY Tribal Distribution
(Millions) ($0.396) ($0.803) ($1.735)
Lottery Profits
FY Total Lottery Sales (Millions) $36.738 $34.985 $35.136 0; $35.249
FY Lottery Interest Earnings (Millions) $0.044 $0.063 $0.092 & #160; $0.103
FY Other Revenue (Millions) $0.003 $0.003 60; $0.003 $0.003
FY Lottery Operating Budget (Millions) $7.898 $7.977 $8.056 & #160; $7.451
FY Lottery Prizes and Commissions
(Millions) $20.771 $19.801 $19.886 $19.950
Nursing Facilities Fee
FY Bed Days (Millions) 2.043 2.015 ; 2.001 1.988
Liquor Profits
FY Gross Liquor Sales (Millions) $70.828 $73.444 $76.161 0; $78.979
FY Cost of Goods Sold (Millions) $39.933 $41.920 $43.471 0; $45.080
FY Liquor Discounts and Commissions
(Millions) $ 8.165 $8.467 $8.781 $9.106
FY Liquor Operating Costs (Millions) $1.300 $1.302 $1.349 & #160; $1.348
FY Other Income (Millions) $0.010 $0.009 60; $0.009 $0.009
Investment License Fee
FY License Registration (Percent Change) (5.99%) 0.00% 0.00% &# 160; 0.00%
FY Portfolio Growth (Percent Change) 11.46% 3.00% 3.00% &# 160; 3.00%
FY Expense Growth (Percent Change) 113.05% 0.00% 0.00% & #160; 0.00%
Electrical Energy Tax
FY Kilowatt Hours Produced (Millions) 22,310.179 21,473.543 21,377.175 21,345.793
Highway Patrol Fines
FY Highway Patrol Fines (Percent Change) (0.62%) 0.48% 0.50% &# 160; 0.45%
Metalliferous Mines Tax
CY Copper Production (Million
lb) 71.660 74.044 74.154 74.209
CY Silver Production (Million oz) 1.640 1.426 0; 1.340 1.344
CY Gold Production (Million oz) 0.043 0.158 0; 0.227 0.270
CY Lead Production (Million lb) 9.816 17.786 60; 19.435 19.435
CY Zinc Production (Million lb) 20.154 40.152 &# 160; 50.168 50.168
CY Molybdenum Production (Million lb) Not disclosed, confidential information
CY Palladium Production (Million oz) Not disclosed, confidential information
CY Platinum Production (Million oz) Not disclosed, confidential information
CY Nickel Production (Million lb) 1.420 1.310 0; 1.448 1.517
CY Rhodium Production (Million oz) Not disclosed, confidential information
CY Sapphire Production (Million oz) 0.000 0.000 0.000 0.000
CY Copper Sulfide Production (Million lb) 0.000 0.000 0.000 0.000
CY Copper Price (Per lb) $0.887 $0.995 &# 160; $0.910 $0.845
CY Silver Price (Per oz) $6.174 $6.330 &# 160; $6.390 $6.390
CY Gold Price (Per oz) $399.953 $411.080 60; $421.740 $437.730
CY Lead Price (Per lb) $0.423 $0.420 &# 160; $0.420 $0.420
CY Zinc Price (Per lb) $0.488 $0.490 &# 160; $0.490 $0.490
CY Molybdenum Price (Per lb) Not disclosed, confidential information
CY Palladium Price (Per oz) Not disclosed, confidential information
CY Platinum Price (Per oz) Not disclosed, confidential information
CY Nickel Price (Per lb) $6.295 $6.300 &# 160; $6.300 $6.300
CY Rhodium Price (Per oz) Not disclosed, confidential information
CY Sapphire Price (Per oz) $0.000 $0.000 &# 160; $0.000 $0.000
CY Copper Sulfide Price (Per lb) $0.000 $0.000 $ 0.000 $0.000
FY Effective Tax Rate (Percent) 1.69% 1.68% 60; 1.67% 1.67%
Public Contractor's Tax
FY Tax Before Credits (Millions) $6.004 $6.399 60;$6.327 $6.239
FY Credits and Refunds
(Millions) $3.884 $4.651 $3.298 $3.367
Wholesale Energy Tax
FY Kilowatt Hours (Millions) 23,961.126 23,235.939 23,468.298 &# 160; 23,702.981
FY Credits for Taxes Paid (Million) $0.000 $0.000 $0.000&# 160; $0.000
Beer Tax
FY Beer Barrels (Million) 0.901 0.911 0.928 0.944
FY Tribal Distribution (Million) ($0.059) ($0.057) ( $0.058) ($0.060)
FY Effective Tax Rate (Percent) 4.28% 4.28% 60; 4.28% 4.28%
Driver's License Fees
FY Driver's License Fees (Millions) $2.291 $2.301 $2.313& #160; $2.320
FY Duplicate License Fees (Millions) $0.186 $0.186 $0.187 & #160; $0.188
FY Motorcycle Endorsement Fees (Millions) $0.014 $0.014 $0.015 & #160; $0.015
FY Commercial Vehicle
Endorsement (Millions) $0.421 $0.421 60; $0.421 $0.421
Tobacco Tax
FY Value of Tobacco Products (Millions) $4.160 $3.830 $3.736 & #160; $3.831
FY Snuff Ounces (Millions) 8.080 7.393 ; 7.255 7.440
FY Tribal Distribution
(Millions) ($0.064) ($0.085) ($0.163)
Railroad Car Tax
CY Total MT Market Value of Fleets
(Millions) $84.020 $82.645 $82.840 $82.840
CY Taxable Value Rate (Percent) 3.88% 3.81% 60; 3.70% 3.60%
CY 95% of Industrial and
Commercial Mill Levy 474.429 503.390 0; 513.458 523.727
Wine Tax
FY Wine Liters (Million) 7.794 7.858 8.136 8.415
FY Tribal Distribution (Million) ($0.029) ($0.028) ( $0.029) ($0.030)
SELECTED NONGENERAL FUND REVENUE
The projections for selected nongeneral fund revenue during the 2007 biennium are based on the assumption of a continuation of Montana law as it existed on January 1, 2005. The revenue estimates contained in the following table are based on the assumptions listed in the tables that follow the nongeneral fund estimates and the assumptions for each nongeneral fund revenue source contained in the "Legislative Budget Analysis, 2007 Biennium, Volume 2 -- Revenue Estimates" (Revenue Estimates as adopted by the Revenue and Transportation Interim Committee) prepared by the Legislative Fiscal Division.
Current Law
Selected Nongeneral Fund Revenue Estimates
(In Millions of Dollars)
Source of Revenue Actual 0; Estimated Estimated Estimated
60; FY 2004 FY 2005 FY 2006 FY 2007
Gasoline Tax $129.154 $129.752 $127.007 $124.916
60; $130.336 $130.916
Diesel
Tax 60.750
Common School Interest and Income 55.663 60.373 59.307 58.106
60; 59.004 56.809 55.568
60; 57.286 56.571
GVW and Other Fees 27.500 & #160;27.896 28.287 28.732
Federal Forest
Receipts 12.491 12.654
6-Mill Property Tax 11.012 &# 160; 10.704 10.983 11.278
Resource Indemnity Trust Interest 7.380 7.401 7.417 7.420
60; 6.898 6.626 6.627
Treasure State Endowment Trust Interest 8.349 9.094 9.704 10.230
60; 8.337 8.578 9.071
Gasoline Storage Tank Tax 3.808 3.825 60; 3.841 3.858
Resource Indemnity Trust Tax 1.251 1.229 60; 1.176 1.323
Diesel Storage Tank Tax 2.431 2.532 2.638 2.748
Parks Trust Interest Earnings 1.140 1.163 1.191 1.217
60; 1.080 1.061 1.086
Capital Land Grant Interest and Income 2.413 0.820 0.939 0.943
Tobacco Trust Interest Earnings 2.670 3.123 3.709 4.230
60; 2.841 3.301 3.820
Regional Water Trust Interest Earnings 1.201 1.487 1.757 2.007
60; 1.348 1.553 1.797
Pine Hills Interest and Income 0.394 0.388 0.388 0.389
60; 0.373 0.365 0.366
Cultural Trust Interest Earnings 0.326 0.338 0.351 0.364
60; 0.315 0.315 0.328
Deaf and Blind Trust Interest and Income 0.299 0.304 0.305 0.306
60; 0.289 0.282 0.283
Total Nongeneral Fund $328.232 $336.370 $337.724 $339.627
60; $333.184 $335.814 $340.303
60; $336.291 $341.306
SELECTED ASSUMPTIONS FOR NONGENERAL FUND REVENUE ESTIMATES
Revenue and Transportation Interim Committee
Year Assumption 2004 60; 2005 2006 2007
Gasoline Tax
FY Taxable Gallons of Gasoline (Millions) 507.837 510.042 512.256 0;514.480
FY Taxable Gallons of Gasoline--
Storage Tank Cleanup (Millions) 507.767 509.971 512.185 0; 514.409
FY Refunds (Millions) ($2.830) ($2.842) ($2.854) ($2.867)
FY Tribal Distribution
(Millions) ($3.761) ($3.740) ($3.736)
FY Alcohol Incentive (Millions) $0.000 $0.000 60; ($3.329) ($6.000)
Diesel Tax
FY Taxable Gallons of Diesel (Millions) 237.218 247.121 257.438 0; 268.185
FY Taxable Gallons of Diesel--
Storage Tank Cleanup (Millions) 324.090 337.620 351.715 0; 366.398
FY Refunds (Millions) ($4.419) ($4.604) ($4.796) ($4.966)
GVW Fees
FY GVW Fees (Millions) $8.586 $8.708 60; $8.832 $8.957
FY Form 3 GVW Fees (Millions) $1.007 $1.025 60;$1.016 $1.021
FY Trip Permit Fees (Millions) $0.445 $0.445 60; $0.445 $0.445
FY County GVW Fees (Millions) $9.398 $9.531 60;$9.667 $9.804
FY Overweight Trip Permit Fees (Millions) $1.903 $1.975 $2.064 & #160; $2.194
FY Special Permit Fees (Millions) $0.978 $0.994 $1 .013 $1.028
FY Temporary Fuel Permits (Millions) $0.108 $0.110 $0.110 & #160; $0.110
FY Other Fees (Millions) $3.850 $3.850 60; $3.850 $3.850
Other 6-Mill Levy Indicators (See General Fund Property
Tax Assumptions for Other Detail)
FY Taxable Value (Millions) $1,736.863 $1,784.018 $1,830.438 &# 160; $1,879.698
FY Nonlevy Revenue (Millions) $0.000 $0.000 60; $0.000 $0.000
FY 6-Mill Adjustments (Millions) $0.000 $0.000 60; $0.000 $0.000
- END -
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