Tennessee revenue collections continue to exceed budgeted expectations in March. The Finance and Administration Commissioner reports that overall March revenues were $936.1 million, which is $33.1 million more than the state budgeted. Total tax collections in March were 2.2% above the previous year.
March collections continue to reflect strong corporate profits from last year but also reflect very modest retail activity for the month of February, when spending occurs.
The general fund was over-collected by $35.4 million and the four other funds were under- collected by $2.3 million.
Sales tax collections were $2.8 million less than the estimate for March. The March growth rate was positive 0.11%. For eight months revenues were under-collected by $33.1 million. The year-to-date growth rate for eight months was positive 1.77%.
Year-to-date collections for eight months were $127.1 million more than the budgeted estimate. The general fund was over-collected by $141.6 million and the four other funds were under-collected by $14.5 million.