Tax Revenues are Up in Tennessee

Graphic credit: DonkeyHotey/Flickr.

Graphic credit: DonkeyHotey/Flickr.

Tennessee tax revenues exceeded budgeted estimates in May, driven primarily by sales taxes. Department of Finance and Administration Commissioner Larry Martin announced that overall May revenues were $1.0 billion, which is $41.3 million more than the state budgeted.
Sales taxes were $33.5 million more than the estimate for May and were 6.49% more than May 2015. May receipts reflect retail business activity that occurred in April. For ten months, revenues are $345.0 million higher than estimated. The year-to-date growth rate for ten months was 7.81%.
Year-to-date revenues for ten months were $798.4 million more than the budgeted estimate. The general fund recorded $735.8 million above budgeted estimates and the four other funds were $62.6 million more than the budgeted estimate.