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October Revenue Collections Up

State of Tennessee Press Release; Nov. 10, 2010:

NASHVILLE – State revenue collections for October were $732.8 million, which is 4.95% above collections for the same month last year, and marks the third consecutive positive growth month for sales tax collections since the state’s fiscal year began.

“On a percentage basis, October represents the highest sales tax growth in any month since April 2007,” Finance and Administration Commissioner Dave Goetz said. “We’re still a long way from meeting the collections we experienced in 2008, so the state must continue to be diligent in monitoring expenditures in order to leave the next governor with a balanced budget.”

On an accrual basis, October is the third month in the 2010-2011 fiscal year.

October collections were $24.4 million more than the budgeted estimate. The general fund was over collected by $28.6 million and the four other funds were under collected by $4.2 million.

Sales tax collections were $24.1 million more than the estimate for October. The October growth rate was 6.38 %. Year-to-date the growth rate is 3.93%.

Franchise and excise combined collections for October were $9.4 million, and they were $900,000 below the budgeted estimate of $10.3 million.

Gasoline and motor fuel collections decreased by 5.02% and they were $2.9 million below the budgeted estimate of $73.1 million.

Tobacco tax collections for the month were over collected by $300,000, and they were 0.54% over October 2009 collections.

Privilege tax collections were $400,000 less than the budgeted estimate of $20.1 million.

Inheritance and Estate taxes were over collected by $5.4 million for the month.

All other taxes were under collected by a net of $1.2 million.

Year-to date collections for three months were $59.9 million more than the budgeted estimate. The general fund was over collected by $46.3 million and the four other funds were over collected by $13.6 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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