|State of TN Revenue Report October 2012|
NASHVILLE, Tenn. – Tennessee sales tax collections for October fell below budgeted estimates, but overall revenue collections for the month reflected growth above a year ago. Finance and Administration Commissioner Mark Emkes today reported that state revenue collections for October were $836.7 million, which is 5.72% above October 2011.
“Sales tax collections, which are Tennessee’s best economic indicator, posted the worst first quarter growth since 2009,” Emkes said. “However, we are pleased with the positive growth rates reported in corporate tax collections for October.
“The national leading economic indicators continue to indicate a very slow recovery is in progress. Because of budget uncertainties in Washington, along with financial unrest in Europe, we must continue to be diligent in monitoring our spending and revenue patterns for the remainder of this year to keep our budget balanced.”
Year-to date collections for three months were $68.6 million more than the budgeted estimate. The general fund was over collected by $72.9 million and the four other funds were under collected by $4.3 million.
The budgeted revenue estimates for 2012-2013 are based on the State Funding Board’s consensus recommendation of December 19th, 2011 and adopted by the second session of the 107th General Assembly in April 2012. They are available on the state’s website at http://www.tn.gov/finance/bud/budget.html.