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Sponsors: First Commerce Bank, Okay Tire and Brake Center, Lyons, John Karby - Edward Jones Investments, Chad Fox Allstate Insurance, Blalock Plumbing and Electric

Sponsors: First Commerce Bank, First National Bank, Griffin Cook and Sons, H&S Pharmacy #1&2, Lyons Chevrolet, Buick, and GM, and Meredith Warner Animal Clinic

Sponsors: First Commerce Bank, H&S Pharmacy #1 &2, Meredith Warner Animal Clinic, Rejuvenate at Jubilee Hills, John Karby-Edward Jones Investments, and Ledford Employee Exchange.

MCCOC

State of Tennessee Revenue Reoprt March 2013

NASHVILLE – Tennessee revenue collections continued to exceed budgeted expectations in March. Finance and Administration Commissioner Mark Emkes reported today that overall March revenues were $936.1 million, which is $33.1 million more than the state budgeted.  Total tax collections in March were 2.2% above the previous year.

On an accrual basis, March is the eighth month in the 2012-2013 fiscal year. 

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

The State Funding Board met on December 14, 2012 to hear updated revenue projections from the state’s various economists. The board met again on December 19th and adopted revised revenue ranges for 2012-2013. The revised ranges assume an over collection from the July 2012 budgeted estimate in the amount of $203.0 million to $287.3 million in total taxes and in the amount of $224.2 million to $305.9 million in general fund taxes for the current fiscal year.