October State Revenues Fall Below Budget Estimate

Friday, November 8, 2013

Tennessee revenue collections for October fell below the previous year, and below the budgeted estimate.  Finance and Administration Commissioner Larry Martin reported Friday that collections for October were $827.1 million, which is 1.16 percent below October 2012.

“We are very disappointed with the negative growth rates reported in corporate tax collections for October and the preceding two months,” Commissioner Martin said.  “However, the sales tax is our best economic indicator, and it reflects modest growth for the month and first quarter of 2013-2014.

“The national and state leading economic indicators continue to indicate a very slow recovery is in progress, and it calls on us to continue to be diligent in monitoring our spending and revenue patterns for the remainder of this year. We are committed to keeping Tennessee’s budget balanced.” 

October collections were $17.8 million less than the budgeted estimate.  The general fund was under collected by $13.7 million and the four other funds were under collected by $4.1 million. 

Sales tax collections were $8.3 million less than the estimate for October.  The October growth rate was 2.91 percent. The year-to-date growth rate was positive 3.38 percent.

Franchise and excise combined collections for October were $43.2 million, and $6.7 million below the budgeted estimate of $49.9 million.  

Gasoline and motor fuel collections decreased by 10.83 percent and they were $4.6 million below the budgeted estimate of $72.5 million.  

Tobacco tax collections for the month were under collected by $190,000.

Privilege tax collections were $341,000 below than the budgeted estimate of $24.8 million. 

Inheritance and Estate taxes were over collected by $4.6 million for the month.

Business tax collections were $1.8 million below the October estimate. 

All other taxes were under collected by a net of $0.5 million.

Year-to date collections for three months were $101.2 million less than the budgeted estimate. The general fund was under collected by $96.6 million and the four other funds were under collected by $4.6 million. 

The budgeted revenue estimates for 2013-2014 are based on the State Funding Board’s consensus recommendation of December 19th, 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.


New Hamilton County Businesses

Here are the new business licenses from the County Clerk's office: ABSTON AMP & GUITAR REP 835 RUNYAN DR CHATTANOOGA, TN 37405 ANCHORED ALLIANCES 59 FAIRHILLS DR CHATTANOOGA, TN 37405 ASHLEY ENTERPRISES INC 1020 E 13TH ST CHATTANOOGA, TN 37408 BEAMHIT INC 4824 HIXSON PK STE B HIXSON, TN 37343 CHATTANOOGA STONE CENTER 7731 LEE HIGHWAY ... (click for more)

Justice And Peace Center's Mercy Store Holds Grand Opening This Saturday

Chattanooga’s new Justice and Peace Center will open the doors to its fair trade Mercy Store with a grand opening celebration at  6 p.m. on Saturday , followed by a book signing by local author, Judith Pederson-Benn at  7 p.m. Mercy Junction is a ministry of the Presbytery of East Tennessee that operates the new Justice and Peace Center at St. Andrews on Union ... (click for more)

Woman Injured, Man Dead After Shooting Outside Collegedale Walmart

One man is dead and a woman injured after a shooting near the Collegedale Walmart on Sunday afternoon. Collegedale Police were dispatched at 2:22 p.m. to reports of a person shot at 5910 Reagan Lane. Police arrived on the scene at 2:23 p.m. and found a deceased male, and a female suffering gunshot wounds to her lower extremities. The female victim was transported to a ... (click for more)

Anonymous Facebook Posters Pose Possibility Of Signal Schools Separating From Hamilton County School System

"Should Signal Mountain Schools separate from the Hamilton County School System?"   That’s the question posted on a Facebook page titled, simply, Signal Mountain Independent School District.   The creators of the page do not identify themselves. “(W)e certainly don’t want our kids dragged into the issue or targeted for special treatment by any ... (click for more)

The Heart Of A Teacher Makes A Difference - And Response (2)

In less than four weeks, I expect to be one of 216 graduating seniors from East Hamilton School. One could say all possible variables help a student rise to the highest levels in school; but a student is more than his environment or genetic code. He is a mixture of his own propensity and dedication to academics, coupled with a systemic team of mentors who give their all as a student’s ... (click for more)

Roy Exum: The P.S. To A Sad Story

Back in the days when we were determined that the Chattanooga News-Free Press would have the best sports section in the country, I was traveling a whole lot. For example, back then I would be leaving today or tomorrow for Saturday’s Kentucky Derby, this after hardly recovering from a week spent at The Masters. And, as it happens with those who are constantly in search for tomorrow’s ... (click for more)