NASHVILLE, Tenn. – State revenue collections for November were $823.7 million, which is 3.10% more than November 2013.
“We continue to believe that this fiscal year will reflect moderate growth, somewhat better than recent years,” Finance and Administration Commissioner Larry Martin said. “Sales tax revenues are showing significant improvement over this time last year, but it remains to be seen if this growth pattern is sustainable. November collections represent spending that occurred in October, so we won’t see after-Thanksgiving retail sales numbers until next month.
“Franchise and excise taxes remain volatile and have been less than what we budgeted for the past two months, and that concerns us.”
On an accrual basis, November is the fourth month in the 2014-2015 fiscal year.
November collections were $6.1 million less than the budgeted estimate. The general fund was under collected by $3.5 million and combined the four other funds were under collected by $2.6 million.
Sales tax collections were $24.9 million above the estimate for November. The growth rate was positive 7.28%. Year to date, the growth rate for four months is positive 6.65%.
Franchise and excise combined collections for November were $16.1 million, which is $29.0 million below the budgeted estimate of $45.1 million. Year to date, the growth rate for four months is 2.44%.
Gasoline and motor fuel collections were $5.3 million less than the budgeted estimate of $74.0 million. For four months, year-to-date collections are $0.2 million above the budgeted estimate.
Tobacco tax collections for the month were under collected by $4.5 million.
Privilege tax collections were $0.4 million more than the budgeted estimate of $22.2 million.
Inheritance and Estate taxes were over collected by $2.3 million for the month. Year-to-date collections for four months are $10.0 million above the budgeted estimate.
Business tax collections were $2.2 million above the November estimate.
All other taxes were over collected by a net of $2.9 million.
Year-to-date collections for four months were $95.5 million more than the budgeted estimate. The general fund was over collected by $87.5 million and the four other funds were over collected by $8.0 million.
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.