News release from Department of Finance and Administration:
NASHVILLE, Tenn. – State Revenue collections for November overall showed less than a percentage point of growth. Finance and Administration Commissioner Mark Emkes today reported today that November collections were $768.2 million, which is 0.35% above November 2011. November collections include sales taxes that reflect consumer spending in October.
“We continue to believe this will be a moderate growth year, and revenue collections are proving that to be the case,” Emkes said. “We remain cautiously optimistic, recognizing that typically about one fourth of all Franchise and Excise collections are realized in the month of April. In light of that, and leading economic indicators, we will remain vigilant in monitoring our spending and revenue patterns for the remainder of this year.
“It’s important to remember we won’t see how after-Thanksgiving retail sales performed until this time next month, when we’ve collected revenues from November spending.”
On an accrual basis, November is the fourth month in the 2012-2013 fiscal year.
November collections were $17.0 million less than the budgeted estimate. The general fund was under collected by $13.6 million and the four other funds were under collected by $3.4 million.
Sales tax collections were $2.2 million less than the estimate for November. The November growth rate was positive 2.80%. Year-to-date the growth rate for four months is positive 1.91%.
Franchise and excise combined collections for November were $26.5 million, which is $13.0 million below the budgeted estimate of $39.5 million. Year-to date the growth rate for four months is positive 20.37%.
Gasoline and motor fuel collections were $2.5 million less than the budgeted estimate of $74.8 million. For four months, year-to-date collections are $8.5 million below the budgeted estimate.
Tobacco tax collections for the month were under collected by $0.8 million.
Privilege tax collections were $3.3 million more than the budgeted estimate of $16.2 million.
Inheritance and Estate taxes were under collected by $0.7 million for the month.
All other taxes were under collected by a net of $1.1 million.
Year-to date collections for four months were $51.6 million more than the budgeted estimate. The general fund was over collected by $59.3 million and the four other funds were under collected by $7.7 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.shtml.