Categories
Press Releases

State Tax Collections Down in October

Press release from the Tennessee Department of Finance & Administration; November 8, 2013:

NASHVILLE – Tennessee revenue collections for October fell below the previous year, and below the budgeted estimate. Finance and Administration Commissioner Larry Martin reported today that collections for October were $827.1 million, which is 1.16% below October 2012.

“We are very disappointed with the negative growth rates reported in corporate tax collections for October and the preceding two months,” Martin said. “However, the sales tax is our best economic indicator, and it reflects modest growth for the month and first quarter of 2013-2014.

“The national and state leading economic indicators continue to indicate a very slow recovery is in progress, and it calls on us to continue to be diligent in monitoring our spending and revenue patterns for the remainder of this year. We are committed to keeping Tennessee´s budget balanced”.

On an accrual basis, October is the third month in the 2013-2014 fiscal year.

October collections were $17.8 million less than the budgeted estimate. The general fund was under collected by $13.7 million and the four other funds were under collected by $4.1 million.

Sales tax collections were $8.3 million less than the estimate for October. The October growth rate was 2.91%. The year-to-date growth rate was positive 3.38%.

Franchise and excise combined collections for October were $43.2 million, and $6.7 million below the budgeted estimate of $49.9 million.

Gasoline and motor fuel collections decreased by 10.83% and they were $4.6 million below the budgeted estimate of $72.5 million.

Tobacco tax collections for the month were under collected by $190,000.

Privilege tax collections were $341,000 below than the budgeted estimate of $24.8 million.

Inheritance and Estate taxes were over collected by $4.6 million for the month.

Business tax collections were $1.8 million below the October estimate.

All other taxes were under collected by a net of $0.5 million.

Year-to date collections for three months were $101.2 million less than the budgeted estimate. The general fund was under collected by $96.6 million and the four other funds were under collected by $4.6 million.

The budgeted revenue estimates for 2013-2014 are based on the State Funding Board´s consensus recommendation of December 19th, 2012 and adopted by the first session of the 108th General Assembly in April 2013. They are available on the state´s website at www.tn.gov/finance/bud/Revenues.shtml.

VIEW COLLECTION TABLES

Categories
Press Releases

Martin Named Head of Finance & Administration

Press release from the Office of Tennessee Gov. Bill Haslam; August 13, 2013:

NASHVILLE – Tennessee Gov. Bill Haslam today announced Larry Martin as commissioner of the state Department of Finance and Administration (F&A).

Martin has been the interim commissioner since June 1 after former commissioner Mark Emkes’ retirement.

“I want to thank Larry for continuing to serve Tennesseans as the F&A commissioner,” Haslam said. “Putting together the budget is one of the most important things we do, and Larry’s skills and experience with complex systems and organizations is unmatched.”

Last year, he joined the governor’s staff as a special assistant to the governor, working alongside Human Resources Commissioner Rebecca Hunter to oversee the implementation of Haslam’s civil service reform, the Tennessee Excellence, Accountability and Management (TEAM) Act; and reviewing state employee compensation.

From September 2006 to December 2011, Martin, 65, served as deputy to the mayor in Knoxville for both Haslam and Mayor Daniel Brown. He was responsible for Finance, Public Works, Community Development, Information Systems, Purchasing and Risk Management for the City of Knoxville.

Prior to joining city government, Martin was an executive of First Horizon/First Tennessee Bank, joining the company in 1969 and serving in various capacities before retiring as the chief operating officer for First Tennessee Financial Services with responsibility for all Tennessee Regional Bank Markets; Merchant Services Processing; Hickory Venture Capital; and the Commercial, Corporate and Middle Market Divisions of the bank. A native of Jackson, Tenn., Martin received his bachelor of science from the University of Tennessee’s College of Business.

“I look forward to continuing the good work of the governor and applying his thoughtful and comprehensive approach to the budgeting process,” Martin said.

Categories
Press Releases

Emkes Departs Finance & Administration

Press release from the Department of Finance & Administration; April 15, 2013:

NASHVILLE – Tennessee Gov. Bill Haslam today announced that Finance and Administration Commissioner Mark Emkes will be leaving the administration at the end of May to enjoy retirement and spend more time with his wife in her home country of Spain.

“I am grateful to Mark for the job he’s done as the state’s chief financial officer during the past two and a half years,” Haslam said. “We’ve presented three responsible, thoughtful and strategic budgets, and he has played a significant role in those efforts.

“Mark has brought a fresh perspective to state government with a focus on running it like a business,” Haslam continued. “He has overseen our customer-focused government initiatives and lean management training to help shift our culture to a results-oriented, customer-service organization. I most appreciate his willingness to mentor and develop talented people in state government.”

Before joining the Haslam administration, Emkes, 60, spent his entire professional career at Bridgestone Americas, working his way up from a trainee to chairman, chief executive officer and president before retiring in February 2010 after 33 years at the company.

“I will always be grateful to Gov. Haslam for giving me the opportunity to serve as commissioner of Finance and Administration,” Emkes said. “It has been a unique and once in a lifetime experience. Having had the chance to participate on a team that helped make government more effective and efficient is truly a great feeling.”

He has lived in Nashville since 2000 and serves on several boards of directors in Middle Tennessee. He is past president of the Middle Tennessee Boy Scout Council and served as chairman of the American Heart Association’s 2010 Nashville Heart Walk. He is also a member of the American Cancer Society’s CEOs Against Cancer, Tennessee Chapter.

Emkes and his wife, Conchi, have a son, Jonathan, and a daughter, Astrid. They are members of the Holy Family Catholic Church in Brentwood.

The commissioner’s last day will be May 31. The governor has begun a search for his replacement.

Categories
Press Releases

State Takes in Nearly $1B in Revenue Collections for December

Press release from the Tennessee Department of Finance & Administration; January 10, 2012:

NASHVILLE – Tennessee revenue collections for December came in stronger than the same month a year before. Finance and Administration Commissioner Mark Emkes reported today that state revenue collections for December were $982.2 million, which is 1.71% above December 2011. December sales tax collections represent consumer spending that occurred in November.

“Total revenues in December were higher than expected due to over collections in the sales and corporate tax categories,” Emkes said. “We believe the December sales tax growth rate, which includes ‘Black Friday’ and after-Thanksgiving sales, may reflect renewed consumer confidence, but January’s report will give us a fuller picture with Christmas retail activity.

“Because of anticipated requirements for Fiscal Year 2014, we will closely monitor our spending for the balance of this year, working closely with the Legislature in order to end this year with a balanced budget.”

On an accrual basis, December is the fifth month in the 2012-2013 fiscal year.

December collections were $22.0 million more than the budgeted estimate. The general fund was over collected by $24.8 million and the four other funds were under collected by $2.8 million.

Sales tax collections were $11.7 million more than the estimate for December. The December growth rate was 5.01%. For five months revenues are under collected by $18.3 million, and the year-to-date growth rate is 2.51%.

Franchise and excise taxes combined were $12.6 million above the budgeted estimate of $230.4 million. For five months revenues are over collected by $91.4 million.

Gasoline and motor fuel collections for December decreased by 7.52% and they were $3.4 million below the budgeted estimate of $66.1 million. For five months revenues are under collected by $11.8 million.

Tobacco tax collections were $2.2 million below the budgeted estimate of $24.9 million, and for five months they are $6.7 million below the budgeted estimate.

Privilege tax collections were $3.8 million more than the budgeted estimate of $14.5 million. Year-to-date collections for five months are $10.8 million above the budgeted estimate.

Inheritance and estate taxes were under collected by $1.6 million for the month. For five months collections are $4.4 million above the budgeted estimate.

All other taxes were over collected by a net of $1.1 million.

Year-to-date collections for five months were $73.6 million more than the budgeted estimate. The general fund was over collected by $84.1 million and the four other funds were under collected by $10.5 million.

The budgeted revenue estimates for 2012-2013 are based on the State Funding Board’s consensus recommendation of December 19th, 2011 and adopted by the second session of the 107th General Assembly in April 2012. They are available on the state’s website at http://www.tn.gov/finance/bud/budget.html.

The State Funding Board met on December 14, 2012 to hear updated revenue projections from the state’s various economists. The board met again on December 19 and adopted revised revenue ranges for 2012-2013. The revised ranges assume an over collection from the July 2012 budgeted estimate in the amount of $203.0 million to $287.3 million in total taxes and in the amount of $224.2 million to $305.9 million in general fund taxes for the current fiscal year.