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.


Partnership FCA Announces Thrift Store Grand Opening

Partnership for Families, Children and Adults announced the Grand Opening of a retail store, Partnership FCA Thrift and Consignment. The store opens  Aug. 30  and is located at 301-D Martin Luther King Boulevard. The grand opening will be celebrated with a ribbon cutting and reception at  11 a.m.  on  Tuesday, Aug. 30 . Regular business hours will ... (click for more)

Todd Gaither Receives Certified Long-Term Care Designation

Todd Gaither, a financial advisor with Tandem Financial Partners, of Ameriprise Financial Services, Inc., has been awarded a professional designation in the field of long-term care, Certified in Long-Term Care. The program is independent of the insurance industry and is designed to provide financial service professionals with expertise and tools to address long-term care planning ... (click for more)

Family Forced From Home After Storm Blows Tree Onto House

As a severe thunderstorm blew through the Chattanooga area Sunday afternoon, high winds knocked down a large tree onto a house around  4 p.m.  at 1105 E. 13th Street. Captain David Thompson, Jr. said no one was injured, but the damage was severe enough that the family would have to stay elsewhere  tonight . Volunteers with the American Red Cross of Southeast ... (click for more)

Michael Wilson Back In Bradley County; Due In Court On Monday

Michael Wilson is back in Bradley County, and was escorted into the Correctional Facility around 8:15 p.m. Wilson’s first appearance in court will be on Monday, at 9 a.m. in the Bradley County General Sessions Courtroom at the Judicial Complex at 2290 Blythe Ave. Wilson was arrested last week, after e ndangered Bradley County child Skyla Wilson was found safe in Colorado ... (click for more)

Pedestrians Have The Right Of Way - And Response (3)

Often I visit Gold's Gym at Chestnut and 4th Street. I  park in the theater parking lot at Broad and 4th Street.  I depend on the walk signs to get me there safely.  Most days I almost get hit by someone turning left or right coming from the exit ramp off 27 or turning right on 4th street from Chestnut. This happened yesterday as I was almost mowed down by a garbage ... (click for more)

Roy Exum: Girls - ‘I Can And I Will’

Every night after the Rodriguez girls went to sleep not that long ago in a grim, rat-infested basement apartment on Chicago’s South Side, their father – a boxing referee who came to America from Puerto Rico -- would kneel beside the girls’ bed and whisper in each child’s ear. Their parents made them sleep hot-dog style, tightly wrapped in the same sheet and pressed together to protect ... (click for more)