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Sales Tax Down But Overall Revenue Collections Up In Tennessee

Tennessee sales tax collections for October fell below budgeted estimates, but overall revenue collections for the month reflected growth above a year ago. The Finance and Administration Commissioner reported that state revenue collections for October were $836.7 million, which is 5.72% above October 2011.
On an accrual basis, October is the third month in the 2012-2013 fiscal year.
October collections were $26.7 million more than the budgeted estimate. The general fund was over collected by $21.5 million and the four other funds were over collected by $5.2 million.
Sales tax collections were $9.9 million less than the estimate for October. The October growth rate was 0.93 %. The year-to-date growth rate is 1.63%.
Franchise and excise combined collections for October were $65.1 million, which is $31.6 million above the budgeted estimate of $33.5 million.
Gasoline and motor fuel collections increased by 6.44%, which is $3.8 million above the budgeted estimate of $72.4 million.
Tobacco tax collections for the month were under collected by $1.7 million.
Privilege tax collections were $1.1 million below the budgeted estimate of $21.1 million.
Inheritance and Estate taxes were over collected by $1.8 million for the month.
All other taxes were over collected by a net of $2.2 million.
Year-to date collections for three months were $68.6 million more than the budgeted estimate. The general fund was over collected by $72.9 million and the four other funds were under collected by $4.3 million.