|State of Tennessee September Revenue Report|
NASHVILLE – Sales tax collections in Tennessee continued to show marginal growth in September revenue figures. Finance and Administration Commissioner Mark Emkes reported today that overall September revenues were $1.1 billion, which is 5.45% above the budgeted estimate. September sales tax collections reflect spending that occurred in August.
“The sales tax is the ‘bread and butter’ of our revenue collections in Tennessee, and it’s our leading economic indicator,” Emkes said. “September sales tax collections continue to reflect the sluggish national economy, but we are very pleased with the positive growth rates reported in corporate franchise and excise taxes.
On an accrual basis, September is the second month in the 2012-2013 fiscal year.
September collections were $55.8 million more than the budgeted estimate. The general fund was over collected by $57.7 million and the four other funds were under collected by $1.9 million.
Sales tax collections were $2.2 million less than the estimate for September. The September growth rate was 2.84%.
Year-to date collections for two months were $41.9 million more than the budgeted estimate. The general fund was over collected by $51.4 million and the four other funds were under collected by $9.5 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.