State Sales Tax Collections For October Fall Below Budgeted Estimates, But Growth Reflected Over Last Year

Tuesday, November 13, 2012

Tennessee sales tax collections for October fell below budgeted estimates, but overall revenue collections for the month reflected growth above a year ago.Finance and Administration Commissioner Mark Emkes on Tuesday reported that state revenue collections for October were $836.7 million, which is 5.72% above October 2011.

“Sales tax collections, which are Tennessee’s best economic indicator, posted the worst first quarter growth since 2009,” Mr. Emkes said. “However, we are pleased with the positive growth rates reported in corporate tax collections for October.

“The national leading economic indicators continue to indicate a very slow recovery is in progress. Because of budget uncertainties in Washington, along with financial unrest in Europe, we must continue to be diligent in monitoring our spending and revenue patterns for the remainder of this year to keep our budget balanced.”

On an accrual basis, October is the third month in the 2012-2013 fiscal year.

October collections were $26.7 million more than the budgeted estimate.  The general fund was over collected by $21.5 million and the four other funds were over collected by $5.2 million.

Sales tax collections were $9.9 million less than the estimate for October.  The October growth rate was 0.93 %. The year-to-date growth rate is 1.63%.

Franchise and excise combined collections for October were $65.1 million, which is $31.6 million above the budgeted estimate of $33.5 million. 

Gasoline and motor fuel collections increased by 6.44%, which is $3.8 million above the budgeted estimate of $72.4 million. 

Tobacco tax collections for the month were under collected by $1.7 million.

Privilege tax collections were $1.1 million below the budgeted estimate of $21.1 million.

Inheritance and Estate taxes were over collected by $1.8 million for the month.

All other taxes were over collected by a net of $2.2 million.

Year-to date collections for three months were $68.6 million more than the budgeted estimate. The general fund was over collected by $72.9 million and the four other funds were under collected by $4.3 million.

The budgeted revenue estimates for 2012-2013 are based on the State Funding Board’s consensus recommendation of Dec. 19, 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.


GDOL To Help Express Employment Professionals Recruit In Lafayette

The Georgia Department of Labor (GDOL) will help Express Employment Professionals, a staffing agency, recruit at least 50 employees for two Rock Spring and one LaFayette locations. The event will be held on  Wednesday, Oct. 12 , from  9 a.m. to 12 p.m.  at the LaFayette Housing Authority located at 300 Oak Street in LaFayette. GDOL staff will be onsite to ... (click for more)

Gas Prices Rise .4 Cents In Chattanooga

Average retail gasoline prices in Chattanooga have risen 0.4 cents per gallon in the past week, averaging $2.19 per gallon on Sunday, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga. This compares with the national average that has fallen 0.7 cents per gallon in the last week to $2.20 per gallon, according to gasoline price website GasBuddy.com. Including ... (click for more)

DA Pinkston Files Petition To Declare 2 Gangs A Public Nuisance

District Attorney General Neal Pinkston filed a petition on Monday, asking that two Chattanooga gangs, the Gangster Disciples and the Grape Street Crips, and their members be declared public nuisances. General Pinkston is also asking that injunctive relief be given to the law-abiding residents of East Lake by establishing a Safety Zone that covers most of their neighborhood.  ... (click for more)

Boy In Critical Condition; Another Person Stabbed And Man Shot In Dispute At Apartments On Citico Avenue

A boy is in critical condition after being stabbed on Sunday afternoon in what police described as a dispute between neighbors. One other person was stabbed and a man was shot in the stomach in the melee in the 2700 block of Citico Avenue. The injuries to the second person stabbed in the neck and the shooting victim were said to be not life-threatening. The 12:45 p.m. incident ... (click for more)

Patrol Cars Donation To Kevin Muhammad's Nation Of Islam Sets A Dangerous Precedent

Re: City Police donating two patrol cars to Kevin Muhammad's Nation of Islam: While I know it's unpopular to mention the wisdom of separation of church and state, this sets a dangerous precedent and should meet with concern from everyone who values religious and secular freedom. What's next? Southern Baptists getting old city parking scooters to patrol church parking lots ... (click for more)

Roy Exum: A Pitch Called ‘The Defector’

When Jose Fernandez was killed early Sunday morning in a boating accident, he was 24 years old yet had already lived a life much larger than almost all old men. He had spent part of a year in an unimaginably cruel Cuban prison, this when he only 14 years old and sandwiched in an inhumane cell among grown criminals. There were murders daily – in his very cell -- and nobody cared. ... (click for more)