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.


LBMC Names Riddle Partner In Information Security Division

LBMC Information Security, a division of LBMC, announces the naming of Jason Riddle as partner. "Mr. Riddle, CISSP, is an information systems security expert with broad technology expertise and experience with a variety of industries including healthcare, financial services, and retail. Jason has over fifteen years’ experience in the information technology and security ... (click for more)

James Appointed Chief Medical Officer Of BlueCare Tennessee

Dr. Jeanne James has been named vice president and chief medical officer of BlueCare Tennessee, the Medicaid managed care subsidiary of BlueCross BlueShield of Tennessee. Dr. James will oversee and guide medical policy for BlueCare Tennessee, and provide clinical direction on programs to improve health for members. “We are fortunate to have someone with Dr. James’ expertise ... (click for more)

Attorney Says Lacie Stone, Advisor To Mayor Berke, Is Victim, Not Instigator

The attorney for advisor to Mayor Andy Berke Lacie Stone said she has been thrust into the spotlight, but said she is "the victim of an unprovoked attack" by her husband, Bobby Stone. Attorney John Cavett said it is ridiculous "to suggest that she was the perpetrator." Mr. Stone is facing charges of domestic assault and vandalism. Attorney Cavett said, "It is unfortunate ... (click for more)

Dr. Russell Dyer Chosen As Director Of Schools By Cleveland City School Board

The Cleveland City School board unanimously voted Thursday afternoon to offer the job of director of Schools to Dr. Russell Dyer. Dr. Dyer serves as the chief of staff of schools in Collierville, Tn.  If Dr. Dyer accepts the school board's contract, he will be paid $132,500 a year.  After contract negotiations, the board plans for Dr. Dyer to start at Cleveland City ... (click for more)

Case Handled Like Any Other? - And Response

It is interesting that Chief Fletcher would deem the handling of the Mayor's encounter as typical or normal. Is the Chief asking the public to believe that all misdemeanor domestic violence arrests include a 4-hour taped interrogation, and delayed reporting after a visit to the Chief’s house. Of course, we believe that Chief Fletcher. April Eidson * * *  I ... (click for more)

Roy Exum: A Judge's Night Behind Bars

There is very little doubt that retired Army Sergeant Joe Serna has Post Traumatic Stress Disorder (PTSD) after serving three tours as a Green Beret in Afghanistan. Once he barely avoided being blown up by a hidden IED and then there was another terrifying brush with a suicide bomber. But the worst was when a truck he was in slid off the roadway into a canal. “It was like ... (click for more)