Tennessee State Revenues Down Over $4 Million For March

Tuesday, April 15, 2014

Tennessee revenue collections reflected mixed results in March. Finance and Administration Commissioner Larry Martin Tuesday reported that overall March revenues were $955.8 million. The general fund was under collected by over $4 million for March and by $263.9 million year-to-date.   

“March collections continued to reflect weaker than anticipated revenues from the corporate sector, while sales tax collections were stronger,” Commissioner Martin said. “We believe the recent increase in retail spending is a reflection of renewed consumer confidence and indicates that the economy is slowly recovering.  This growth is important in meeting current revenue projections on which the approved budget amendment was based.

“About a fourth of our corporate income taxes often – but not always - occur in the month of April. We will work with the legislature and others to manage the state’s spending and resources regardless of the economic climate, as the state has always done.” 

The general fund was under collected by $4.1 million and the four other funds were over collected by $6.9 million.

Sales tax collections were $9.4 million more than the estimate for March.  The March growth rate was positive 5.51 percent. For eight months revenues are under collected by $23.4 million. The year-to-date growth rate for eight months was positive 3.58 percent.

Franchise and excise taxes combined were $11.7 million below the budgeted estimate of $199.9 million. For eight months revenues are under collected by $227.0 million. The year-to-date growth rate for eight months was negative 13.51 percent.

Gasoline and motor fuel collections for March increased by 11.78 percent and were $7.4 million above the budgeted estimate.  For eight months revenues are over collected by $3.1 million.

Tobacco taxes collections were $4.6 million under the budgeted estimate of $23.6 million. For eight months revenues are under collected in the amount of $6.9 million. 

Inheritance and estate taxes were over collected by $0.4 million for the month. Year-to-date collections for eight months are $17.6 million more than the budgeted estimate.

Privilege tax collections were $33,000 less than the March estimate, and on a year-to-date basis, August through March, collections are $7.0 million below the estimate. 

Business tax collections were $3.7 million above the March estimate. 

All other taxes were under collected by a net of $1.8 million. 

Year-to-date collections for seven months were $257.0 million less than the budgeted estimate. The general fund was under collected by $263.9 million and the four other funds were over collected by $6.9 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.

The Funding Board met on Dec. 10 to hear updated revenue projections from the state’s various economists. The board met again on Dec. 17 and 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.


Tennessee Regulatory Authority Changes Name To Tennessee Public Utility Commission

Governor Haslam and the Tennessee General Assembly approved legislation this month that changes the name of the Tennessee Regulatory Authority (TRA) to the Tennessee Public Utility Commission (TPUC). The bill was sponsored by State Senator, Jack Johnson and State Representative, Pat Marsh during the 2017 Tennessee General Assembly’s legislative session and it became effective ... (click for more)

Tennessee Tax Revenue For March Released

Department of Finance and Administration Commissioner Larry Martin announced Monday that Tennessee tax revenue fell short of budgeted estimates in March. March sales tax revenues reflect retail activity occurring in February, and overall March revenues were $993.6 million, which is $100.9 million less than we collected in March of 2016 and $70.1 million less than the budgeted estimate ... (click for more)

2 People Shot In Chattanooga Overnight; Dequan Duke In Serious Condition; Frank Russell Has Minor Injury

Two people were shot overnight in Chattanooga.   Dequan Jamal Duke, 24, was in serious condition.   Frank Russell, 22, had a minor injury in a separate incident.   Chattanooga Police responded at 8:40 p.m. on Tuesday to a person shot at 2300 Wilson St.   The victim, Dequan Duke, arrived at a local hospital via a personally owned vehicle ... (click for more)

City Vows Lincoln Park To Be Preserved Despite Major Road, Sewer Projects

City officials vowed on Tuesday that Lincoln Park will be preserved despite a major road extension and sewer relocation planned nearby. Maura Sullivan, the city's chief operating officer, said the Trust for Public Land will hold public meetings geared around ideas for refurbishing the African-American park that once featured ball fields, a swimming pool and other attractions. ... (click for more)

Don't Clog Up The Last Remaining Semi-Unobstructed Route Into Town From North Of The River - And Response

The proposal to turn Hixson Pike in Riverview into a more pedestrian friendly street is more than absurd.   Let's be honest. This is the last semi-unobstructed route into town from north of the river, due to I-27 construction and the bike lane/parking lot that is North Market Street.  So, now the businesses in Riverview would like parking on this main artery? ... (click for more)

Roy Exum: A One-Sided Opportunity

State education commissioner Candace McQueen has apparently fallen and hit her head. She most certainly needs to be examined after she came to Chattanooga on Monday and told the Times-Free Press about an exciting “partnership.” Are you kidding me? Despite the newspaper’s editors actually touting the venture as “promising,” the lady is clearly dancing by herself. With her Achievement ... (click for more)