Tag Archives: projections

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.

June’s State Tax Take $125M Above Budget Projections

News release from Department of Finance and Administration:
NASHVILLE – Total tax collections for June were well above budgeted expectations. Finance and Administration Commissioner Mark Emkes reported today that overall June revenues were $1.2 billion, which is $125.4 million more than the state budgeted. It marks the 11th consecutive month this year in which total collections have exceeded the budgeted estimate. Sales tax collections in June exceeded the budgeted estimate by 4.7%, and corporate tax collections continue to outpace estimates, exceeding June expectations by 35.5%.
“The positive growth trend we are now enjoying is encouraging, however, the latest national jobs report point to an economy that is still anemic and recovering slowly,” Emkes said. “For the remainder of this year, we will continue to closely monitor collections and expenditures.”
On an accrual basis, June is the eleventh month in the 2011-2012 fiscal year.
The general fund was over collected by $127.9 million, and the four other funds were under collected by $2.5 million.

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‘Pleasant Surprise:’ Funding Board Finds Another $177 Million

By Erik Schelzig, Associated Press
NASHVILLE, Tenn. — The State Funding Board on Monday agreed to revise its general fund revenue projections upward by at least $177 million in the current budget year, and pegged next year’s growth at up to 4 percent.
The panel unanimously agreed to the estimates used by lawmakers and the governor to plan state expenditures.
State Finance Commissioner Mark Emkes called it a “pleasant surprise” that revenues are rebounding at a rate faster than had been expected.
“Cuts will not have to be as severe as we thought a couple months ago,” Emkes told reporters after the meeting. “But I want to be very clear there will still be some pain in the budget.”

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