NASHVILLE, Tenn. – Tennessee Department of Finance and Administration Commissioner Stuart McWhorter announced that Tennessee tax revenues exceeded budgeted estimates in February. Overall February revenues were $953.8 million, which is $68.9 million more than the state received in February 2018 and $39.9 million more than the budgeted estimate. The growth rate for February was 7.79 percent.
“The state experienced sound growth in its two largest contributors to the state’s tax base, state sales and use tax revenues and franchise and excise tax revenues, compared to last February,” McWhorter said. “All other revenues combined also exceeded the state’s budgeted estimate,
On an accrual basis, February is the seventh month in the 2018-2019 fiscal year.
Year-to-date revenues for seven months were $222.9 million more than the budgeted estimate. The general fund recorded $195.3 million in excess of the budgeted estimates and the four other funds $27.6 million.
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.