December State Revenues Were Less Than Expected

Friday, January 10, 2014

Tennessee revenue collections for December fell below collections for the same month the year before. Finance and Administration Commissioner Larry Martin reported Friday that state revenue collections for December were $966.6 million, which is 1.59 percent below December 2012.  December sales tax collections represent consumer spending that occurred in November.  

“Total revenue for December was lower than expected, primarily due to under collections in sales and corporate taxes, even though December revenues include ‘Black Friday’ and after-Thanksgiving sales,” Commissioner Martin said.  “We believe having six less days of shopping after Thanksgiving 2013 compared to the previous year accounts for the under collection, but January’s report will give us a more complete picture of Christmas retail activity.

“Because of an anticipated revenue shortfall this year, we will closely monitor our collections and spending for the remainder of the current fiscal year, and work closely with the Legislature in the adoption of a balanced and responsible budget for the 2014-15 fiscal year.” 

December collections were $47.9 million less than the budgeted estimate. The general fund was under collected by $57.2 million and the four other funds were over collected by $9.3 million.

Sales tax collections were $3.0 million less than the estimate for December.  The December growth rate was 2.53 percent. For five months revenues are under collected by $24.3 million, and the year-to-date growth rate is 3.33 percent.

Franchise and excise taxes combined were $54.5 below the budgeted estimate of $254.0 million. For five months revenues are under collected by $158.3 million. 

Gasoline and motor fuel collections for December increased by 18.55 percent and they were $10.7 million above the budgeted estimate of $63.7 million.  For five months revenues are over collected by $4.3 million.

Tobacco tax collections were $0.9 million below the budgeted estimate of $22.8 million, and for five months they are $5.4 million below the budgeted estimate. 

Privilege tax collections were $2.8 million less than the budgeted estimate of $20.6 million. Year-to-date collections for five months are $1.4 million below the budgeted estimate.

Inheritance and estate taxes were over collected by $3.7 million for the month. For five months collections are $15.0 million above the budgeted estimate. 

All other taxes were under collected by a net of $1.1 million.

Year-to-date collections for five months were $171.1 million less than the budgeted estimate. The general fund was under collected by $175.8 million and the four other funds were over collected by $4.7 million.

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

The Funding Board met on Dec. 10, 2013 to hear updated revenue projections from the state’s various economists, and on Dec. 17 adopted revised revenue ranges for 2013-2014. The revised ranges assume an under collection from the July 2013 budgeted estimate in the amount of $111.2 million to $134.5 million in total taxes and in the amount of $126.1 million to $145.6 million in general fund taxes for the current fiscal year.


CBL And Associates Properties Declares Common Stock Dividend And Preferred Stock Dividend

CBL & Associates Properties, Inc. announces that its Board of Directors has declared a quarterly cash dividend for the Company’s Common Stock of $0.265 per share for the quarter ending June 30. The dividend is payable on July 16 to shareholders of record as of June 30.  The Board also declared a quarterly cash dividend of $0.4609375 per depositary share for the quarter ... (click for more)

Whitfield Tax Assessor's Office Sending Out Annual Notices Soon

In pursuant to O.C.G.A. 48-5-306, all Whitfield County property owners will be receiving the state-required annual assessment notice around the first week of June, according to officials with the county Tax Assessor’s Office.  The notice will contain an estimate of the taxes based on the prior year's millage rate.  The Board of Assessors is charged with the responsibility ... (click for more)

Circuit Court Jury Gives $20,599,000 Verdict In Favor Of Canyon Ridge Developers; Punitive Damages To Be Added

A Hamilton County Circuit Court jury on Thursday awarded $20,599,000 to the developers of Canyon Ridge on Lookout Mountain against a financial firm that allegedly secretly started working on a rival project. The jury also said the plaintiffs are due punitive damages. The amount will be set on Monday morning in the courtroom of Judge J.B. Bennett after each side gives 20-minute ... (click for more)

Chattanooga Loses Bicycle National Championships To Winston-Salem

After a three-year run, Chattanooga is losing the national championship bicycle races. Winston-Salem, N.C., has been selected to serve as the host city for the 2016 and 2017 Volkswagen USA Cycling Professional Road & TT National Championships. The 2016 Volkswagen USA Cycling Pro Road & TT National Championships will be held May 22-30. The nine-day event will combine the ... (click for more)

The Truth About The Rising Costs To East Ridge On The Fire Hall Property - And Response

Re:East Ridge Has To Pay Unexpected $428,000 On Bass Pro Shop Deal   H ere is the truth about this article.    One section of the article says: " Unknown to anybody on the council today, the agreement limited use of the land to a fire hall."     In a letter dated Dec. 15, 2010, Mayor Lambert asked TDOT officials to ... (click for more)

Roy Exum: General Boykin Helps ‘Warriors’

General W.G. “Jerry” Boykin is one of the most fabled warriors in modern-day warfare. He is also one of the most polarizing men who has ever served his country. General Boykin, retired after 36 years as a soldier, spent 13 years in the secretive Delta Force. At one time he commanded the Green Berets and was in one some pretty impressive engagements. In 1980 he was in on the ... (click for more)