State Funding Board Sees Revenue Growth From 2.74% to 3.89% Next Year

NASHVILLE, Tenn. (AP) — Tennessee Finance Commissioner Mark Emkes says he expects businesses across the state to be less conservative after Congress reaches a deal on the so-called “fiscal cliff.”
Emkes spoke to reporters on Wednesday after the State Funding Board made its state revenue projections.
Based on economists’ estimates, the board predicted the state’s total general fund collections should increase from 1.98 percent to 2.85 percent this year, and 2.74 percent to 3.89 percent next year.
The governor selects a number within the range in constructing the budget.
Emkes says he feels comfortable moving forward on the higher end because businesses in and around the state have said they will “move forward” if the fiscal cliff is averted.
He says they’re currently “holding back” because of the uncertainty of broad tax increases on nearly all taxpayers and budget-wide spending cuts that could be triggered in early January.

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