|State Of Tennessee Revenues January 2013|
NASHVILLE – Tennessee tax collections continued an overall upward trend in January, even though sales tax collections were worse than the previous year. January sales tax collections represent retail activity that occurred during December. Finance and Administration Commissioner Mark Emkes today announced that overall January revenues were $1.1 billion, which is $15.4 million more than the state budgeted. It’s the sixth consecutive month of overall positive growth this fiscal year, with corporate tax collections, once again, contributing heavily to the upward trend.
“This marks the first month this year that we’ve recorded negative growth in sales tax collections,” Emkes said. “We believe it’s the result of an aggressive November holiday retail marketing strategy, and two additional days of after ‘Black Friday’ shopping, compared to November of 2011.
On an accrual basis, January is the sixth month in the 2012-2013 fiscal year.
Year-to-date collections for six months were $89.0 million more than the budgeted estimate. The general fund was over collected by $94.2 million and the four other funds were under collected by $5.2 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.