OCTOBER REVENUES DIP SLIGHTLY
NASHVILLE, Tenn. – State revenue collections for October are down slightly from the previous month, but Finance and Administration officials say the decline is not unexpected. The general fund had a $14.9 million undercollection and the four other funds overcollected by $2.9 million.
“Franchise and excise taxes came in less than estimated for October, but we can attribute that to the corporate financial calendar,” F&A Commissioner Dave Goetz said. “We’re not disappointed, but clearly we need to continue a conservative spending path.”
Franchise and excise taxes combined were $11.7 million less than the estimate of $27.1 million. For three months, revenues were $19.3 million undercollected.
Sales tax collections were $6.5 million less than the estimate in October and for three months were undercollected by $2.2 million.
Gasoline and motor fuel collections increased by 5.58% and were $2.5 million more than the budgeted estimate of $70.5 million. For three months, collections were $3.8 million more than the estimate.
Year-to-date collections for three months were $1.8 million less than the budgeted estimate. The general fund was undercollected by $6.4 million and the four other funds were overcollected by $4.6 million.
The budgeted revenue estimates are based on the State Funding Board’s consensus recommendation adopted by the first session of the 104th General Assembly in May.