Investor Update
December 18, 2008

Revenue Report
The Revenue Report for the month of November 2008 dated December 10, 2008 is attached to this Investor Update. On an accrual basis, November is the fourth month of the 2008-2009 fiscal year.

Tennessee Housing Market Brief
This report is prepared by the Business and Economic Research Center at Middle Tennessee State University.

• 2nd Quarter 2008 Brief
  
• 3rd Quarter 2008 Brief

Economic Forecasts for the State of Tennessee
The State Funding Board met on December 3, 2008 at 9:30 a.m. to hear reports discussing projections for the growth in state tax revenues for both fiscal years 2008-09 and 2009-10, and to confirm the revenue estimates. Listed below are the forecasts of the presenters.

• Report of Dr. Albert DePrince, Middle Tennessee State University
  
• Report of Dr. Jeff Wallace and Dr. Dennis Wilson, University of Memphis
• Report of Dr. William Fox, University of Tennessee Center for Business and Economic Research
• Report of Mr. James White, Fiscal Review Committee, State of Tennessee
• Report of Mr. Reid Linn, Tennessee Department of Revenue

Lottery Forecast for the State of Tennessee
The State Funding Board also heard reports for the growth in lottery revenues for both fiscal years 2008-09 and 2009-10. Listed below are the reports of the presenters.

• Report of Mr. Robert Currey, Fiscal Review Committee, State of Tennessee
• Report of Tennessee Education Lottery Corporation, Estimation of Total and Net Lottery Proceeds for Fiscal Years Ending June 30, 2009 and June 30, 2010
• Memo from David Wright, Tennessee Higher Education Commission and Tim Phelps, Tennessee Student Assistance Corporation

Consensus Revenue Report
The State Funding Board reconvened on Friday, December 12, 2008. During this meeting, the State Funding Board reviewed and considered the staff recommendations of the range in the growth of tax revenues, lottery revenues and received requests for additional uses of lottery proceeds. Attached is the Comparison of Estimated State Tax Revenues for fiscal years 2008-2009 and 2009-2010 as presented by the economists. Also included are the reports of Estimated Revenues Based on Growth Rates and the Net Lottery Proceeds Estimates which were approved by the State Funding Board on December 12, 2008.

• Comparison of Estimated State Tax Revenue for Fiscal Years 2008-2009 and 2009-2010
• Estimated Revenues Based on Growth Rates
• Net Lottery Proceeds Estimates

A copy of the memorandum from the State Funding Board to the Governor and the Chairmen of the Finance Ways and Means Committee of each house of the General Assembly that provides the consensus growth estimates will be provided in a subsequent update.

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