Tennessee’s tax revenue collection figures for the month of May were released yesterday, putting another strong month of growth on the books for the state. Overall, May revenues were $50.5 million more than the state budgeted.
“May collections recorded significant gains in sales tax revenues as well as corporate tax payments… All other taxes, in total, showed marked improvement over collections of one year ago and were more than the budgeted estimates for May,” State Finance and Administration Commissioner Larry Martin said.
May is the tenth month in the State’s fiscal year. So far, year-to-date revenues have reached $494.8 million beyond what the State had budgeted.
Available state revenue is a key factor in crafting the Governor’s next budget proposal– identifying new funding priorities, potential cuts, and so on. The Governor’s budget hearings traditionally begin in November or December, and in the meantime, numerous parties will be watching the state’s revenue figures with great interest as the fiscal year comes to a close.
Check back for regular updates on the state’s revenue situation as it relates to the State budget and the funding of public higher education.
Tags: 2015, May, state revenue, TN, TN State Revenues