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.


JHM Certified Public Accountants Celebrates New Location

After nearly 40 years in their downtown location, Johnson, Hickey & Murchison Certified Public Accountants, a Chattanooga-based CPA firm, is moving to a new site just off Shallowford Road.   “The new location and fresh build-out have provided us with renewed energy and enthusiasm,” said Dean Krech, managing partner for JHM Certified Public Accountants. “We are so thrilled ... (click for more)

Blissful Wellness At Nutrition World Has Grand Reopening

Blissful Wellness at Nutrition World will host a grand reopening next week. It is at 6237 Vance Road Ste 8 Chattanooga, TN 37421. The week will include workshops, give a ways, and a free yoga class. For more information about the events of the week, contact Studio Manager Maggie Bailey at 423-298-8670 or visit Blissful Wellness on Facebook. (click for more)

City To Begin Shipping Much Of Its Garbage To Bradley County

City Public Works Administrator Justin Holland said the city plans to begin shipping much of its garbage to Bradley County. He said the deal is projected to extend the life of the city landfill at Birchwood by 15 years. Mr. Holland said Bradley County "has a huge landfill and takes garbage from Knoxville and other municipalities. It's regional." He said Bradley County charges ... (click for more)

Man Says He Did Nothing To Provoke Shooting At Bakewell Gas Station; Suspect Says Victim Was Coming Toward Him

A 33-year-old man who was shot in the face during a clash at a Bakewell gas station said he did nothing to provoke the shooting. The man charged said the victim cursed him, then started toward him. General Sessions Court Judge Clarence Shattuck, after a hearing on Tuesday, bound to the Grand Jury a charge of attempted first-degree murder against Donald Stuard II, 29, of Old Washington ... (click for more)

Something Beautiful Happened Monday Night - Not The Debate

Monday, Sept. 26, our first presidential debate happened; no minds were changed.  Yet something beautiful and important happened.  The Atlanta Falcons, my team, played the New Orleans Saints.  Instead of some irrelevant, broad based, screw America protest, the opposing teams locked arms in unity. I was impressed. I have been a Falcon Fan since 1971 when WMOC AM ... (click for more)

Roy Exum: Our 2.0 Embarrassment

Let’s pretend you are coming to a new and exciting world. You are on the jolly good ship “Mayflower” when some Miles Standish-type of a guy (he was the Pilgrim’s first cop) calls you into is presence and says, “Within two hours we are expected to stand on Plymouth Rock. Please come up with ten primary goals we should have in our public schools.” I believe you could do it within ... (click for more)