Tennessee State Revenues Lower Than Budget For November

Tuesday, December 10, 2013

Tennessee revenue collections for November were above those of the prior year, but below budgeted estimates. Finance and Administration Commissioner Larry Martin reported Tuesday that state revenue collections for November were $798.9 million, which is 3.99 percent above November 2012. 

“While sales taxes and franchise and excise taxes came in below budgeted levels for November, our overall November revenue growth was the strongest so far this year,” Commissioner Martin said.  “Although they can be a bit unpredictable, it is important also to note that April is typically our biggest month for F&E collections.  Nonetheless, the continued softness in revenue growth raises the risks of a revenue shortfall for the year. 

“Therefore, we are committed to keeping expenditures in line with revenue collections so that Tennessee will continue to have a stable, balanced financial management in any economic climate.”  

November sales tax collections reflect retail sales that occurred in October. Black Friday and after-Thanksgiving retail sales will be reflected in next month’s report. 

November collections were $22.1 million less than the budgeted estimate.  The general fund was under collected by $22.1 million and the four other funds were equal to the November estimate.

Sales tax collections were $2.0 million less than the estimate for November.  The growth rate was positive 3.97 percent. Year-to-date the growth rate for four months is positive 3.53 percent.

Franchise and excise combined collections for November were $34.7 million, which is $16.4 million below the budgeted estimate of $51.1 million. Year-to date the growth rate for four months is negative 11.38 percent.

Gasoline and motor fuel collections were $0.5 million more than the budgeted estimate of $71.8 million. For four months year-to-date collections are $6.4 million below the budgeted estimate. 

Tobacco tax collections for the month were under collected by $2.1 million.

Privilege tax collections were $2.2 million less than the budgeted estimate of $21.1 million. 

Inheritance and Estate taxes were over collected by $0.7 million for the month.

Business tax collections were $0.4 million above the November estimate. 

All other taxes were under collected by a net of $1.0 million. 

Year-to date collections for four months were $123.2 million less than the budgeted estimate. The general fund was under collected by 118.6 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 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.

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