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.


Supreme Court To Hear Oral Arguments On Challenge To Electrocution, Six Other Cases

The Tennessee Supreme Court will hear oral arguments next week regarding whether a death row inmate can properly challenge the constitutionality of electrocution as a possible method of execution. The Court will consider only one issue of many that are part of a lawsuit by 34 death row inmates challenging Tennessee’s death penalty protocol. The electrocution issue is before ... (click for more)

Sustainability Professionals Launch New Organization To Support Growth In Sector

The new organization, Sustainability Professionals of Greater Chattanooga, has been formed to support employees who are dedicated to promoting sustainability practices within their corporations.   Elizabeth Hammitt, director of Environmental Stewardship and Community at EPB and president of Sustainability Professionals of Greater Chattanooga, envisioned such a group about ... (click for more)

Erlanger Chooses Epic Software For New $100 Million Electronic Medical Records System; CEO Judy Faulkner To Visit Chattanooga

Erlanger CEO Kevin Spiegel announced that the Chattanooga hospital has chosen Epic Systems for a new electronic medical records system that he said will cost close to $100 million over 10 years. He said Cerner was the other finalist for the major hospital expenditure. Mr. Spiegel said the new system will mean some 100 more jobs at Erlanger. He said Epic will bring up to 200 ... (click for more)

Red Bank Police Find 17 Animals In "Deplorable" Condition At Home On Oakland Terrace

Red Bank Police on Friday found 17 animals in "deplorable condition" after making a home check on Oakland Terrace. The Humane Educational Society was called in to assist. The HES said, " Officers entered the home on Oakland Terrace and rescued nine dogs, six cats and two rabbits that had been living in deplorable conditions. "These animals are currently ... (click for more)

Injustice Is Terrible, But Shouldn't Lead To Rioting - And Response (2)

Injustice is terrible.  Period.  I am totally wowed, amazed, and grateful that the six officers have been charged in Baltimore.  Justice will be done like with the officer that shot the man in the back.   That being said,  I don't understand why, when atrocities like this happen, protests and marches can evolve into terrible rioting.  Fortunately ... (click for more)

Roy Exum: From Private To General

It was quite a thing back in March, when Florida Gov. Rick Scott named Maj. Gen. Michael Calhoun to command the state’s National Guard. After all, not many who sign up as a “buck private” climb the ladder all the way to become the state’s Adjutant General, and when you add the fact the highly-respected Calhoun is an African-American, the story only gets better. But there is more: ... (click for more)