Collections Remain Up in Tennessee

Tennessee general fund revenues have beaten projections by more than a half-billion dollars with one month left in the budget year.
State Finance Commissioner announced this week that collections came in at $130 million above estimates in June, which reflects economic activity from the previous month. Sales tax collections, which make up about two out of 3 tax dollars collected by the state, beat projections by $26.6 million in the month, while corporate franchise and excise came in at $98 million above estimates. The June revenues brought the year-to-date surplus to $540 million. Gov. Bill Haslam included about $210 million of that amount in his revised spending plan for the year but wanted to keep the remainder – now about $331 million – in reserve.