December State Revenues Exceed Expectations

Thursday, January 18, 2018

Tennessee Department of Finance and Administration Commissioner Larry Martin announced Thursday that revenues for December posted higher than expected and exceeded the monthly revenues from the previous year.  State revenues for December were $1.4 billion, which is a growth of 11.34 percent and $139.9 million more than December 2016.  

“Total revenues in December were higher than expected due to revenues in the sales, income and corporate tax categories,” Commissioner Martin said. “Recorded revenues in the corporate category include two substantial one-time payments. The substantial gain in the Hall income tax is thought to be driven by the pre-payment of 2017 taxes due to recent changes in the federal tax code. December sales tax revenues reflect retail activity that occurred in November which includes Black Friday and after-Thanksgiving sales. January’s report will capture consumer spending for the Christmas holiday season. All other revenues, combined, posted marginal gains compared to recorded revenues of one year ago.” 

Total revenues in December were $171.6 million more than the budgeted estimate. The general fund recorded revenues exceeding  budgeted estimates  by $157.6 million, and the four other funds that share in state tax revenues were $14.0 million more than estimates. 

Sales tax revenues were $32.6 million more than the estimate for December.  The December growth rate was 8.73 percent. For five months revenues are $49.6 million higher than estimated, and the year-to-date growth rate is 4.61 percent. 

Franchise and excise taxes combined, including the one-time substantial payments, were $103.3 million more than the December budgeted estimate. For five months revenues are more than estimates in the amount of $107.9 million. 

Gasoline and motor fuel revenues for December increased by 23.19 percent, but were $3.4 million less than the budgeted estimate of $92.5 million. For five months revenues are $13.1 million more than estimates. 

Motor vehicle registration revenues were $4.5 million more than the December estimate, and on a year-to-date basis they are $9.8 million more than estimates. 

Tobacco tax revenues were $2.6 million more than the budgeted estimate of $19.4 million. For five months revenues are $1.3 million less than estimated. 

Privilege tax revenues were $0.6 million more than the budgeted estimate of $22.6 million. Year-to-date revenues for five months are $5.7 million more than the budgeted estimate. 

Inheritance and estate tax revenues for the month were comparative to the budgeted estimate. For five months revenues are $2.1 million less than the budgeted estimate. 

Business tax revenues were $0.3 million more than the December estimate and $1.4 million more than estimates on a year-to-date basis. 

Hall income tax revenues, including the very large estimated pre-payment of 2017 taxes, were $31.0 million more than the budgeted estimate. 

All other taxes for December recorded a net increase of $0.1 million compared to estimates.  

Year-to-date revenues for five months were $210.2 million more than the budgeted estimate. The general fund recorded $172.7 in revenues more than estimates, and the four other funds $37.5 million more than estimates. 

The budgeted revenue estimates for 2017-2018 are based on the State Funding Board’s consensus recommendation of Nov. 29, 2016 and adopted by the first session of the 110th General Assembly in May 2017. Also incorporated in the estimates are any changes in revenue enacted during the 2017 session of the General Assembly. These estimates are available on the state’s website at https://www.tn.gov/content/tn/finance/fa/fa-budget-information/fa-budget-rev.html.


Enrollment Period Announced For Monthly Payment Program For Bradley County Property Taxes

Bradley County Trustee Mike Smith has announced the enrollment periods for the 12-month payment program for property taxes. The program for the 2019 property taxes will have the first payment due on March 15, 2019. Enrollment for the monthly payment program is currently open through Dec 7. An additional enrollment period will be from Jan. 3, 2019, through Feb. 8, 2019. ... (click for more)

Tennessee September Revenues Exceeded Budgeted Estimates

Tennessee revenues exceeded budgeted estimates for September. Finance and Administration Commissioner Larry Martin Thursday reported that overall September revenues were $1.4 billion, which is $63.4 million more than September of last year and $53.3 million more than the budgeted estimate. The growth rate for September was 4.66 percent. "September sales tax receipts continue ... (click for more)

Charles Pipkens, Lajeromeney Brown Arrested In Series Of Violent Home Invasions In Which Robbers Posed As Police

Chattanooga Police have arrested Charles Dijon Pipkens and Lajeromeney Brown in connection with a series of violent home invasions in which the suspects told their victims they were Chattanooga Police officers.. Pipkens, 27, was charged in an Aug. 11 case and Brown, 40, in an incident on Sept. 19. Pipkens, of 434 N. Hickory St., is charged with two counts of aggravated kidnapping, ... (click for more)

Fairyland PTO Says It Can't Get Help From Walker County Schools And Board For Cafeteria Woes

Officials of the Fairyland Elementary School PTO said in recent months, the Fairyland Elementary School cafeteria "has effectively been shut down due to equipment (which broke in June) and consequent staffing issues." The group said, "As it stands now, all food is 'satellited' in from Ridgeland High School to Fairyland Elementary School for all meals including breakfast, lunch ... (click for more)

Drink Up, Chattanooga

I attended the meeting to discuss the placement of the sewage treatment plant at the Cambridge Center in Ooltewah today. My problem with the meeting (aka) dog and pony show, is that the meeting started out with the agenda of the Ooltewah Community Council.  After living in this area for 45+ years I have never heard of this group.  I would like for someone to answer ... (click for more)

Roy Exum: The Saturday Funnies

The reviews are good after we initiated “The Funny Video of the Week” but today let me take the liberty of sharing an oldie that I consider the funniest of all time. Please be aware the principals are speaking Polish, which you also need to know makes not a bit of difference. I have watched “The Polish Spoon Trick” at least 50 times because every time I watch the video it makes ... (click for more)