State December 2018 Revenues Are $17.2 Million Higher Than Estimate, But 3% Less Than Prior December

Tuesday, January 15, 2019

Tennessee Department of Finance and Administration Commissioner Larry Martin announced today that revenues for December were $17.2 million higher than the $1.3 billion estimate for the month, but were 3 percent less than December 2017.

“December state tax revenues recorded positive growth compared to the budgeted estimate, despite being lower than December 2017,” Comm. Martin said. “It is difficult to compare this month’s receipts to last year due to the major tax overhaul of the federal ’Tax Cuts and Jobs Act of 2017’ (TCJA) and the effect it had on calendar year filers. Corporate franchise and excise taxes, along with Hall income tax receipts, were lower compared to last year, reflecting some of the impact from last year’s tax changes. However, sales tax revenue growth continues to report solid gains.  The December sales tax revenues reflect retail activity that occurred in November, which includes Black Friday and after-Thanksgiving sales.”

Total revenues in December were $17.2 million more than the budgeted estimate. The general fund recorded revenues exceeding budgeted estimates by $10.1 million, and the four other funds that share in state tax revenues were $7.1 million more than estimates.

Sales tax revenues were $23.4 million more than the estimate for December.  The December growth rate was 5.34 percent. For five months revenues are $136.2 million higher than estimated and the year-to-date growth rate is 6.27 percent.

Franchise and excise taxes combined were $18.3 million less than the December budgeted estimate. For five months revenues are less than estimates in the amount of $23.1 million or negative 5.83 percent compared to the same time period last year. However, adjusting for a one-time payment received in December 2017 the growth rate is positive 0.30 percent for the year.
Gasoline and motor fuel revenues for December increased by 7.44 percent and were $0.5 million less than the budgeted estimate of $96.2 million. For five months revenues are $7.0 million more than estimates.

Motor vehicle registration revenues were $3.7 million more than the December estimate, and on a year-to-date basis they are $16.1 million more than estimates.

Tobacco tax revenues were $0.8 million more than the budgeted estimate of $19.1 million. For five months revenues are $4.4 million less than estimated.

Privilege tax revenues were $5.3 million more than the budgeted estimate of $24.1 million. Year-to-date revenues for five months are $7.6 million more than the budgeted estimate.

Business tax revenues were $0.5 million more than the December estimate and $8.6 million more than estimates on a year-to-date basis.

Hall income tax revenues were near estimate at $2.6 million.

All other taxes for December recorded a net increase of $2.3 million compared to estimates.

Year-to-date revenues for five months were $154.2 million more than the budgeted estimate. The general fund recorded $128.8 in revenues more than estimates, and the four other funds $25.4 million more than estimates.

The budgeted revenue estimates for 2018-2019 are based on the State Funding Board’s consensus recommendation of November 27, 2017 and adopted by the second session of the 110th General Assembly in May 2018. Also incorporated in the estimates are any changes in revenue enacted during the 2018 session of the General Assembly.

These estimates are available on the state’s website.



EPB Warns Public Of Robo Call Scam

Food City Continues To Expand Home Delivery Service

Unemployment Across TN Holds Steady In August


EPB is receiving reports that some customers are receiving robo calls demanding immediate payment for their electric/fiber bills to avoid disconnection. Many of these calls have an (888) area ... (click for more)

Food City officials announced Thursday the expansion of its new same-day delivery service into several new market areas, including Dalton and Ringgold, Maynardville Highway in Knoxville, and ... (click for more)

Statewide unemployment for Tennessee held steady in August. The latest statistics released by the Tennessee Department of Labor and Workforce Development show the new seasonally adjusted rate ... (click for more)


Business

EPB Warns Public Of Robo Call Scam

EPB is receiving reports that some customers are receiving robo calls demanding immediate payment for their electric/fiber bills to avoid disconnection. Many of these calls have an (888) area code. EPB officials warn the public to disregard. Real EPB calls have a (423) area code, and it never requests payment in the message but simply ask customers to call for more information. (click for more)

Food City Continues To Expand Home Delivery Service

Food City officials announced Thursday the expansion of its new same-day delivery service into several new market areas, including Dalton and Ringgold, Maynardville Highway in Knoxville, and Tennessee Avenue in Chattanooga. The program is made possible through a joint partnership between the local retail supermarket chain and Instacart, a nationwide on-demand grocery delivery service. ... (click for more)

Breaking News

Man Shot On Sylvan Drive After Accosting Two People At Residence

Chattanooga Police said a man accosted two people at a residence on Sylvan Drive before he was shot early Saturday morning. Jeremy Brister, 25, was charged with aggravated criminal trespass, aggravated burglary and two counts of aggravated domestic violence. The victims were listed as a woman, 38, and a juvenile male. At 1:28 a.m., police responded to the 600 block ... (click for more)

4 Juveniles Arrested In Ridgeside On Aggravated Assault And Robbery Charges

East Ridge Police have arrested four juveniles for suspicion of aggravated assault and attempted aggravated robbery in the city of Ridgeside. Officers were in the Ridgeside area investigating a report of suspicious people walking in the area. While in the area, a call came in of an attempted car-jacking. Within minutes, East Ridge officers had three of four suspects in custody. ... (click for more)

Opinion

Let The Water Company Pay The Bill - And Response (2)

Tennessee American breaks a line and 35,000 people lose water for three days. Well they don’t exactly admit they broke it, they were working on it a few feet away and it just broke….so they say. One half of TAWC service area is out of water three days and nights, hospitals canceling surgery, schools closed and opened and then sending the children home, businesses shut down, government ... (click for more)

Hypocrisy Of Tennessee American Water Company Critics - And Response

All pump-pressure systems have acute failures. It is expected that utilities will experience system failures that are unanticipated, even with the best prevention. These would be acute failures. That is why all utilities from electric, water, and yes municipal sewer collection systems and treatment plants have response plans. Tennessee American Water Company experienced an acute ... (click for more)