NASHVILLE, Tenn. – Finance and Administration Commissioner Larry Martin today reported that overall state revenues in September were $1.2 billion, which is 7.38% above the same month a year ago.
“The growth in state tax collections was driven by strong sales tax growth reflecting improved consumer confidence and better than expected corporate collections,” Martin said. “While our total revenue situation shows some improvement, we continue to be cautious about corporate revenue due to its historical volatility. Consequently, we will maintain our careful monitoring of spending throughout state government.”
On an accrual basis, September is the second month in the 2014-2015 fiscal year.
September collections were $61.9 million more than the budgeted estimate. The general fund was over collected by $58.1 million and the four other funds were over collected by $3.8 million.
Sales tax collections were $15.2 million more than the estimate for September. The September growth rate was positive 5.32%. Year-to-date collections are 6.02% above this time last year.
Franchise and excise taxes combined were $29.3 million above the September budgeted estimate of $289.2 million. The September growth rate was positive 14.95%, and 14.36% on a year-to-date basis.
Gasoline and motor fuel collections for September increased by 2.81% and were $3.3 million above the budgeted estimate of $70.5 million.
Tobacco tax collections for the month were under collected by $1.0 million, and the growth rate was negative 1.45%.
Privilege tax collections were $5.1 million more than the budgeted estimate of $22.2 million.
Business Tax collections were $7.8 million above the budgeted estimate for September.
Inheritance and estate tax collections were $1.4 million above the budgeted estimate.
All other taxes were over collected by a net of $0.8 million.
Year-to-date collections for two months were $86.3 million more than the budgeted estimate. The general fund was over collected by $80.8 million and the four other funds were over collected by $5.5 million.
The budgeted revenue estimates for 2014-2015 are based on the State Funding Board’s consensus recommendation of December 17, 2013 and adopted by the second session of the 108th General Assembly in April 2014. They are available at http://www.tn.gov/finance/bud/Revenues.shtml.