August Tennessee Revenues Exceeded Budget Estimates

Friday, September 12, 2014

Tennessee revenue collections exceeded budgeted estimates for the first month of the state’s fiscal year.  Finance and Administration Commissioner Larry Martin Friday reported that overall August revenues were $870 million, which is $31 million above collections a year ago. The growth rate for August was 3.70 percent.

“Sales taxes collected by retailers in July grew 6.73 percent, the largest month-over-month growth we have experienced in the past 27 months,” Commissioner Martin said.  “Corporate tax collections grew by 9.25 percent, but were still slightly under budgeted expectations.  All other taxes, taken as a group, had negative growth of 5.33 percent but were $6.1 million above the budgeted estimate for August. 

“While we are encouraged by the August numbers, we continue to be concerned about the relatively slow economic recovery in Tennessee. It is important for us to maintain our close controls on state spending and to carefully monitor revenue trends.” 

On an accrual basis, August is the first month in the 2014-2015 fiscal year. 

August collections were $24.4 million more than the budgeted estimate. The general fund was over collected by $22.7 million and the four other funds that share in state tax collections were over collected by $1.7 million. 

Sales tax collections were $19.2 million more than the estimate for August.  The August growth rate was positive 6.73 percent. 

Franchise and excise taxes combined were $0.9 million below the budgeted estimate of $35.5 million, and the growth rate was positive 9.25 percent.

Gasoline and motor fuel collections increased by 4.91 percent from August of 2013, and were $0.3 million above the budgeted estimate of $70.1 million.  

Inheritance tax collections were $2.5 million above the budgeted estimate. 

Privilege tax collections were $1.8 million more than the budgeted estimate of $21.4 million 

Business tax collections were $2.4 million above the August estimate.  

Tobacco tax collections for the month were under collected by $1.1 million. 

All other taxes were over collected by a net of $0.2 million. 

The budgeted revenue estimates for 2014-2015 are based on the State Funding Board’s consensus recommendation of December 17th, 2013 and adopted by the second session of the 108th General Assembly in April 2014. They’re available at http://www.tn.gov/finance/bud/Revenues.shtml.



53 Miller & Martin Attorneys Listed In The Best Lawyers In America 2019 Edition

The law firm of Miller & Martin announced 53 of its attorneys have been selected by  Best Lawyers  for inclusion in  The Best Lawyers in America  2019 edition. Additionally, seven of the firm’s attorneys in the Chattanooga metro area were selected as "Lawyer of the Year" for their respective disciplines. Only a single lawyer in each specialty, within a ... (click for more)

277 Baker Donelson Attorneys Included In The Best Lawyers In America 2019 Listing

Baker Donelson announces that 277 of its attorneys have been selected by their peers for inclusion in the 2019 edition of The Best Lawyers in America. "Forty-two of the Firm's attorneys were also recognized by Best Lawyers as "Lawyers of the Year," a designation given to a select group of individuals in high-profile specialties in large legal communities. Only one attorney ... (click for more)

Bethune To Face Williams For East Ridge Mayor; Lambert Does Not Run

Former East Ridge councilman Jim Bethune will be facing current council member Brian Williams in the Nov. 4 election. Mayor Brent Lambert did not seek a new term. He recently lost a race for a County Commission seat. Former Councilman Denny Manning is among those running for a council post. Others are incumbent Jacky Cagle, Mike Chauncey, Jeff Ezell, Bob Gilreath Jr., Robert ... (click for more)

Signal Mayor Chris Howley Not Running Again; Man Suing Town To Be On Ballot For Council

Signal Mountain Mayor Chris Howley has decided not to seek re-election. He had until noon today to return the petition that he picked up earlier. Rick Saputa, who is suing the city but also picked up a petition for the council, did qualify just before the deadline. Others running for the Town Council include former Mayor Bill Lusk, Councilman Dan Landrum and new-comers ... (click for more)

Jeff Styles, I Believe You - And Response (5)

I am glad that Jeff Styles presented the details of the event on his website.  Just because the government alleges a crime does not mean guilty. A criminal charge is an allegation by government. Sure, that allegation can be very serious, but the charge is still an unproven allegation until a court of law and Lady Justice has her review of the proof.  A person gets ... (click for more)

Roy Exum: The Political Dark Side

If ever there becomes a movie that reveals the rotten side of politics, the script has just been written. My goodness, it has all of the hot words: liberals, Muslims, bedroom beds, spouse abuse, non-transparency (or is it collusion,) kids in shock, a seated member of Congress, vulgar language, the Democratic National Committee, a woman scorned, and – best of all – an election. ... (click for more)