NASHVILLE – Tennessee continues to collect revenues at a rate that exceeds last year. Finance and Administration Commissioner Dave Goetz reported today that overall November revenues were $753.3 million or 2.44 % over November 2005 collections.
“While we have not experienced year-to-date revenue growth at the level we estimated, we are anticipating a strong holiday season,” Goetz said. “Our primary advantage is that we budgeted our revenue collections conservatively in order to make sure the state meets its statutory obligation to balance spending with collections.” Goetz said.
On an accrual basis, November is the fourth month in the 2006-2007 fiscal year.
November collections were $9.5 million less than the budgeted estimate. The general fund was under collected by $5.6 million and the four other funds were under collected by $3.9 million.
Sales tax collections were $24.7 million less than the estimate for November. The November growth rate was 3.98 %.
Franchise and excise taxes combined were $7.2 million above the budgeted estimate of $41.4 million.
Gasoline and motor fuel collections decreased by 9.62% and they were $3.8 million below the budgeted estimate of $73.0 million.
Inheritance taxes increased by 16.34% and for the month they were over collected by $6.9 million.
Year-to date collections for four months were $63.5 million less than the budgeted estimate. The general fund was under collected by $63.9 million and the four other funds were over collected by $400,000.
The budgeted revenue estimates are based on the State Funding Board’s consensus recommendation adopted by the second session of the 104th General Assembly in May of 2006.