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 http://www.tn.gov/finance/bud/Revenues.shtml.


2014 OPGA/POINT Freedom Award Presented To Eclipse Medical

Eclipse Medical, LLC in Chattanooga received the 2014 OPGA/POINT Freedom Award for their service and dedication to veterans and active duty soldiers. The OPGA/POINT Freedom Award recognizes OPGA and POINT members who have provided orthotic and prosthetic fitting and/or rehabilitation for soldiers wounded in action. “Every day more and more of our brave men ... (click for more)

Over Qualified

The loss of a job can be somewhat of a traumatic experience.  Many emotions accompany this life altering event, there are many highs and just as many lows, I will explore the highs and lows at a later time, but what I want this article to focus on are two little words that have a very demoralizing affect on the job seeker, “Over Qualified.” Being labeled “Over Qualified,” ... (click for more)

Several Arrested Outside Erlanger Hospital When Crowd Gathers After Woodlawn Shooting

Several people were arrested Monday night outside Erlanger Hospital after a crowd gathered and clashed with police. The crowd included family and friends of 20-year-old Apprentice Berry, who was shot multiple times and killed earlier Monday night at the Woodlawn Apartments on Wilson Street. Erlanger officials said the group gathered at the emergency room, but were later moved ... (click for more)

Man Shot At Apartments On Tunnel Boulevard Wednesday Afternoon; 2nd Shooting Is At Rec Center

Chattanooga police officers responded to the apartment buildings at 404 Tunnel Blvd. Wednesday at 1:21 p.m., where residents say they heard multiple shots fired.  Witnesses said they saw multiple suspects fleeing the scene on foot behind the complex.  The male victim was taken to a local hospital for life threatening gunshot wounds.  Later Wednesday, ... (click for more)

Chattanooga Has Lost Its Most Popular Citizen - Luther Masingill - And Response

Chattanooga has lost its most popular citizen – Luther Masingill. Although we are saddened we cherish the memories.  All of us have a Luther story.  Mine is the first time I met Luther.  This was before TV and all of Chattanooga listened to Luther on the radio.  I was 12-years-old.  Some of my buddies and I had gone to the State Theater in downtown ... (click for more)

Roy Exum: The Policeman’s Prayer

Every year, when the Law Enforcement Foundation of Greater Chattanooga holds its annual luncheon, it is one of the most heartening displays of what America really believes, down deep inside. The most prominent and influential leaders in the community – well over 1,000 -- gather to pay tribute and pledge their support to our heroes in blue who are unfaltering in their devotion, service ... (click for more)