NASHVILLE, Tenn. – Department of Finance and Administration Commissioner Stuart McWhorter announced Thursday that Tennessee tax revenues exceeded budgeted estimates in March. Overall March revenues totaled $1.1 billion, which is $52.8 million more than the state received in March of 2018 and $28.6 million more than the budgeted estimate for the month.
On an accrual basis, March is the eighth month in the 2018-2019 fiscal year.
Year-to-date revenues, August through March, are $251.5 million more than the budgeted estimate. The growth rate for eight months is 4.10 percent. General fund revenues are $224.3 million more than the budgeted estimate and the four other funds are $27.2 million more than estimated.
The budgeted revenue estimates for 2018-2019 are based on the State Funding Board’s consensus recommendation of November 27, 2017 and adopted by the second session of the 110th General Assembly in May 2018. Also incorporated in the estimates are any changes in revenue enacted during the 2018 session of the General Assembly. These estimates are available on the state’s website at https://www.tn.gov/content/tn/finance/fa/fa-budget-information/fa-budget-rev.html.