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.



The Honey Do Service Comes To Hixson

The newest location of a The Honey Do Service is opening on May 21 and looking to help people with their "honey do list". The Honey Do Service is a full-service general contractor for all types of home improvement and repair, established in August 2002 with locations in Georgia, Texas, Tennessee, Virginia, North Carolina, and South Carolina. They offer a range of services ... (click for more)

Vision Hospitality Group Celebrates 21st Anniversary With 2nd True Blue Week

Vision Hospitality Group reached a significant milestone as the team celebrated 21 years of family, community and service. To commemorate the anniversary, the Chattanooga-based, award-winning hospitality company held its second True Blue Week, a week dedicated to giving back to the communities that Vision has been a part of over the past two decades. The company was founded on seven ... (click for more)

Witnesses Say Donaldson Was Calm After Killing Son-In-Law - "I'm Just Sitting Here Waiting For The Law"

Witnesses said Glen Allen Donaldson was calm after killing his son-in-law on Dec. 29, 2016, saying, "I'm just sitting here waiting for the law." Donaldson, 57, is facing a first-degree murder charge in the death of 39-year-old Adam Levi. The jury in the courtroom of Judge Don Poole was told that Donaldson left the residence on Niles Terrace where Levi was living and drove ... (click for more)

Chattanooga Man Who Served Time For Attempted Murder Now Facing Armed Robbery Charge

A Chattanooga man who earlier served time for an attempted first-degree murder is now facing an armed robbery count. Garion Devilliar Lewis Jr., 33, of 6409 Rosemary Dr., is charged with aggravated robbery as well as drug and gun counts. In an incident on May 9, a man who no longer lives in Chattanooga said he was leaving his mother's residence on Sholar Avenue when he saw ... (click for more)

Refuting Racism

In an opinion piece, 5/18/18, Rev. Josh Woodrow referred to me and my fellow School Board member, Joe Smith, as racists and white supremacists because we spoke out against busing. I have never met or spoken with Rev. Woodrow so he knows nothing about me. The reverend obviously knows nothing about Joe Smith either. Seems one of the reverend’s hobbies is “brewing beer”. Maybe, ... (click for more)

Roy Exum: Please Don’t Get Numb

Several weeks ago we woke up to learn there had been another shooting in Chattanooga and the next day there were two paragraphs on the fourth page of the newspaper.  It has become so common we as a society have grown numb to it and, when a teen-aged girl in Texas said she wasn’t surprised last week when eight students and two teachers were massacred in her school some 30 miles ... (click for more)