|State of Tennessee April 2013 Revenue Report|
NASHVILLE – Tennessee revenue collections continued their positive growth trend in April with a net growth of 9.31% over April collections one year ago. Finance and Administration Commissioner Mark Emkes reported today that overall April revenues were $1.5 billion or $160.9 million more than the state budgeted.
Total collections in April marked the ninth consecutive positive growth month this fiscal year. Corporate Franchise and Excise taxes and collections from the Hall Income Tax contributed substantially to the large over collection in April. Sales tax collections, however, recorded the second negative growth month this year.
On an accrual basis, April is the ninth month in the 2012-2013 fiscal year.
Year-to-date collections for nine months were $288.1 million more than the budgeted estimate. The general fund was over collected by $284.4 million and the four other funds were over collected by $3.9 million. The FY 2013 revised budget assumed an over collection of $305.9 million in General Fund Taxes. Therefore, the amount of under collection, August through April, compared to what’s in the revised FY 2013 budget is $21.5 million ($284.4 million minus $305.9 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.
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.