News release from Department of Finance and Administration
NASHVILLE, Tenn. – Tennessee revenues exceeded the budgeted estimates for August, which is the first month of the state’s fiscal year. Finance and Administration Commissioner Larry Martin today reported that overall August revenues were $948.2 million, which is $49.8 million more than August of last year and $38.0 million more than the budgeted estimate. The growth rate for all taxes in August was 5.54%.
“Corporate tax receipts and sales tax revenue reflecting July’s consumer activity posted positive growth for the month,” Martin said. “All other taxes revenues, taken as a group, also recorded positive growth.
“The positive revenue numbers for August reflect a continuing good economic environment in our state. It should be noted, however, that the sales tax, which is our largest revenue source, grew at a moderate rate of 2.2%. This is well below the average growth of 7.3% over the first six months of the calendar year.” Continue reading