Investor Update
May 18, 2009

Economic Report to the Governor

• Letter to the Chairmen of the FWM Committees Regarding the Estimated Growth Rate in the State’s Economy
• Growth in Personal Income – Dr. William Fox
• Letter from the Attorney General Identifying Sources of Revenue
• Staff Analysis of the Economic Report to the Governor

Economic Forecasts for the State of Tennessee

The State Funding Board met on May 1, 2009 at 8:30 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. 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

• Report of 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 Estimates

The State Funding Board reconvened on Thursday, May 7, 2009. 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 letter from the State Funding Board to the Governor and the Speakers of both Houses of the General Assembly that provides the Board’s consensus revenue estimates for both fiscal years 2008-2009 and 2009-2010. 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 May 7, 2009.

• State Funding Board Letter to the Governor and Speakers

Revenue Report

The Revenue Report for the month of April 2009 dated May 7, 2009 is attached to this Investor Update. On an accrual basis, April is the ninth month of the 2009-2010 fiscal year.

Tennessee Housing Market Brief

Attached is the quarterly housing market report for the State of Tennessee prepared by the Business and Economic Research Center, Middle Tennessee State University.

• 1st Quarter 2009 Brief

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