NASHVILLE – Tennessee Department of Finance and Administration Commissioner Jim Bryson announced that November 2023 revenues were less than budgeted estimates in November. Overall November state revenues were $1.426 billion, which is 4.38 percent less than November 2022 and $88.4 million less than the budgeted estimate.
“November revenues were less than estimates for the month partially due to the three-month sales tax holiday on food, which ended on October 31 but is reported in November’s tax collections,” Bryson said. “Corporate tax revenues, or franchise and excise taxes, were also lower with quarterly estimated tax payments from business entities decreasing from this same time last year.
“We continue to carefully monitor revenues for the year and remain committed to keeping expenditures in line with revenue collections.”
On an accrual basis, November is the fourth month in the 2023-2024 fiscal year.
Year-to-date revenues, for four months, were $197.3 million less than the budgeted estimate. The general fund was less than estimates by $202.2 million while the four other funds that share in state tax revenues exceeded estimates by $4.9 million.
The budgeted revenue estimates for 2023-2024 are based upon the State Funding Board’s consensus recommendation from November 28, 2022, and adopted by the first session of the 113th General Assembly in April 2023. Also incorporated in the estimates are any changes in revenue enacted during the 2023 session of the General Assembly. These estimates are available on the state’s website at www.tn.gov.