State Revenue Rose Again in August

News release from Department of Finance and Administration:
NASHVILLE – Tennessee revenue collections continued to show modest improvement in August. Finance and Administration Commissioner Mark Emkes today reported that overall August revenues were $806.6 million, which is 7.65% above August 2010 collections.
“August marks the 13th consecutive month in which total collections surpassed the budgeted estimates,” Emkes said. “This is good news, but nationally, leading economic indicators continue to indicate a very slow recovery is in progress. Coupled with the uncertainty surrounding resolution of the federal budget, it means we must continue to closely monitor our spending in the months ahead to keep the current budget balanced as we prepare for the up coming 2012-2013 budget.”
On an accrual basis, August is the first month in the 2011-2012 fiscal year.
August collections were $19.2 million more than the budgeted estimate. The general fund was over collected by $18.3 million and the four other funds were over collected by $900,000.
Sales tax collections were $5.3 million more than the estimate for August. The August growth rate was positive 5.09%.
Franchise and excise taxes combined were $17.4 million above the budgeted estimate of $16.5 million.
Gasoline and motor fuel collections decreased by 0.40% from August of 2010, but were $1.5 million above the budgeted estimate of $71.7 million.
Inheritance tax collections were $1.1 million above the budgeted estimate.
Privilege tax collections were $2.6 million less than the budgeted estimate of $17.6 million
Tobacco tax collections for the month were under collected by $2.1 million
All other taxes were under collected by a net of $1.4 million.
The budgeted revenue estimates for 2011-2012 are based on the State Funding Board’s consensus recommendation of April 15, 2011 and adopted by the first session of the 107th General Assembly in May. They are available on the state’s website at http://www.tn.gov/finance/bud/budget.html.

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