» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X

Forgot your password?
Skip Navigation LinksHome > Article
VOL. 37 | NO. 49 | Friday, December 06, 2013

Tennessee's tax collections $22M short for November

Print | Front Page | Email this story

NASHVILLE (AP) - Tennessee's general fund tax collections fell $22 million short of projections in November, the fourth month of the state's budget year, Finance Commissioner Larry Martin said Tuesday.

However, he said total revenues for the month were $799 million, which is about 4 percent above the same month last year.

"While sales taxes and franchise and excise taxes came in below budgeted levels for November, our overall November revenue growth was the strongest so far this year," Martin said. "Nonetheless, the continued softness in revenue growth raises the risks of a revenue shortfall for the year."

Corporate franchise and excise taxes came in about $16 million short of projections, while the state's sales tax collections were $2 million less.

November tax collections reflect economic activity in the previous month.

Year-to-date general fund collections have fallen $119 million short of projections.

Also Tuesd ay, the State Funding Board met to hear economists' revenue estimates for the upcoming budget year. Economists estimated growth of the state's total general fund collections should range from 2.2 percent to 3.5 percent.

The board will come up with a consensus figure based on those estimates then present it to the governor who will decide whether to use it in constructing the budget.

The board also heard from state lottery officials who said because of strong sales they anticipate around 2.5 percent growth for the upcoming year.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email  
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0