September State Revenues Fall Below Budget Estimates

Friday, October 11, 2013

Overall September revenues were under the budgeted estimates in Tennessee, although sales taxes continue to show modest growth.  Finance and Administration Commissioner Larry Martin reported Friday that overall September revenues were $1.1 billion, which is 5.22 percent below the budgeted estimate.    

“The sales tax is the ‘bread and butter’ of revenue collections in Tennessee, and it’s our leading economic indicator,” Commissioner Martin said. “September sales tax collections continued to reflect modest growth consistent with a sluggish economy.

“With uncertainty surrounding resolution of the federal budget, and national economic indicators that continue to reflect mixed results, we are required to continue close scrutiny of revenues and expenditures for the balance of this fiscal year. We will maintain a balanced budget and conservatively manage the state’s spending.” 

September collections were $59.0 million less than the budgeted estimate.  The general fund was under collected by $62.1 million and the four other funds were over collected by $3.1 million.

Sales tax collections were $1.9 million less than the estimate for September.  The September growth rate was positive 3.50 percent.

Franchise and excise taxes combined were $65.6 million below the September budgeted estimate of $342.7 million.  The September growth rate was negative 10.37 percent.

Gasoline and motor fuel collections for September increased by 4.82 percent and were $2.2 million above the budgeted estimate of $69.6 million. 

Tobacco tax collections for the month were under collected by $1.7 million, and the growth rate was negative 4.97 percent.

Privilege tax collections were $0.3 million less than the budgeted estimate of $20.0 million. 

Inheritance and estate tax collections were $5.3 million above the budgeted estimate.

All other taxes were over collected by a net of $3.0 million. 

Year-to date collections for two months were $83.3 million less than the budgeted estimate. The general fund was under collected by $82.9 million and the four other funds were under collected by $0.4 million.

The budgeted revenue estimates for 2013-2014 are based on the State Funding Board’s consensus recommendation of Dec. 19, 2012 and adopted by the first session of the 108th General Assembly in April 2013. They are available on the state’s website at

Little Miss Mag Early Learning Announces Tracy Bryant As New Executive Director

Little Miss Mag Early Learning Center’s board of directors announces the hire of Tracy Bryant, LMSW as the Center’s new executive director, effective Dec. 16. “Ms. Bryant’s wealth of knowledge and passion for early childhood education make her a great addition to the Little Miss Mag team,” said Kirby Yost, board chair. “We look forward to working with her in the continued provision ... (click for more)

CBL & Associates Sells Community Center At Waynesville, N.C. For $14.5 Million

CBL & Associates Properties, Inc. Monday announced that it has closed on the disposition of Waynesville Commons, a 128,000-square-foot community center located in Waynesville, NC, for $14.5 million to an affiliate of Yale Realty Services Corp.  “We are pleased to make additional progress on our announced community center and non-core disposition program,” said Stephen ... (click for more)

Woman, 61, Charged in Chattanooga With Promoting Prostitution After TBI Human Trafficking Probe

A joint investigation by Special Agents with the Tennessee Bureau of Investigation’s Human Trafficking Unit and deputies with the Madison County, Ala., Sheriff’s Office has resulted in the arrest of a Chattanooga woman on a charge of promoting prostitution. As the result of an ongoing two-year Human Trafficking investigation, TBI Special Agents, with the assistance of the ... (click for more)

Alexander Says Republican Predictions Were Right That “Obamacare Was Historic Mistake”

Five and a half years after the White House health care summit at Blair House, Senate health committee Chairman Lamar Alexander on Tuesday spoke on the Senate floor to discuss what he said Republicans warned the president would happen if Obamacare became law – and to outline what this “historic mistake” of a law looks like for millions of Americans today. Senator Alexander ... (click for more)

City Council, Please Reconsider On The 7-Story Apartment Variance - And Response

I would like to thank the Regional Planning Commission and the Regional Planning Agency   for denying the recent application for a variance from the current zoning requirements in place for the 1200 block of Cowart Street. The developers want to build a 7-story parking deck with 141 efficiency and one-bedroom apartments wrapped around three sides in an area with a 48' height ... (click for more)

Roy Exum: My Garden In December

As the fallen leaves confirm today is the first of December, my monthly walk in life’s garden is more foggy than fun. In much-older times, good children would get a piece of candy on Christmas Day while bad ones would receive a lump of coal. So here are some things that deserve a helping of both: A PIECE OF CANDY to the amazingly few who can spy a nest of mistletoe high in area ... (click for more)