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New Fiscal Year Starts With Revenue Bump

The numbers are in for the first month of the State’s new fiscal year.

The State Department of Finance and Administration announced last week that revenue collections have ticked upwards, with overall August revenues $31 million above collections one year ago.  The revenues are better than anticipated– coming in at $24.4 million above the State’s budgeted estimate.

“Sales taxes collected by retailers in July grew 6.73 percent, the largest month-over-month growth we have experienced in the past 27 months,” Finance and Administration Commissioner Larry Martin said.  “Corporate tax collections grew by 9.25 percent, but were still slightly under budgeted expectations.  All other taxes, taken as a group, had negative growth of 5.33% but were $6.1 million above the budgeted estimate for August.

“While we are encouraged by the August numbers, we continue to be concerned about the relatively slow economic recovery in Tennessee. It is important for us to maintain our close controls on state spending and to carefully monitor revenue trends.”

The budgeted revenue estimates for 2014-2015 are based on the State Funding Board’s consensus recommendation of December 17th, 2013 and adopted by the second session of the 108th General Assembly in April 2014. They are available at http://www.tn.gov/finance/bud/Revenues.shtml.

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