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Revenue Collections Up in September

Press Release from the State of Tennessee; Oct. 12, 2010:

Tennessee sales tax collections showed positive growth in September, as overall revenues grew compared to the same period last year. Finance and Administration Commissioner Dave Goetz reported today that overall September revenues were $977.5 million or 6.14% above September 2009 collections.

“The recent positive growth in the sales tax and corporate tax categories is particularly pleasing, given the dismal conditions we faced from 2008 until this spring,” Goetz said. “For the balance of this calendar year we will continue to closely monitor state expenditures in order to keep the state’s budget in balance for the next governor.”

On an accrual basis, September is the second month in the 2010-2011 fiscal year.

September collections were $41.0 million more than the budgeted estimate. The general fund was over collected by $28.5 million and the four other funds were over collected by $12.5 million.

Sales tax collections were $1.0 million more than the estimate for September. The September growth rate was 2.15%.

Franchise and excise taxes combined were $22.9 million above the September budgeted estimate of $246.6 million. The September growth rate was 10.36%.

Gasoline and motor fuel collections for September increased by 15.08% and they were $3.9 million above the budgeted estimate of $70.8 million.

Tobacco tax collections for the month were under collected by $1.2 million, and the growth rate was negative 17.41%.

Privilege tax collections were $3.8 million less than the budgeted estimate of $17.5 million.

Inheritance and Estate tax collections were $2.7 million above the budgeted estimate.

All other taxes were over collected by a net of $15.5 million.

Year-to date collections for two months were $35.6 million more than the budgeted estimate. The general fund was over collected by $17.8 million and the four other funds were over collected by $17.8 million.

The budgeted revenue estimates for 2010-2011 are based on the State Funding Board’s consensus recommendation of April 7, 2010 and adopted by the second session of the 106th General Assembly in June. They are available on the state’s website at http://www.tn.gov/finance/bud/budget.html.

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