Tennessee Tax Collections Drop
For the first month of the budget year, tax collections in Tennessee have fallen short of projections. Finance Commissioner Mark Emkes issued a release, stating that the weak revenues reflect a slow economic recovery on the national level.
Tennessee's total general fund collections for August were $660 million, or about six million dollars less than budgeted. August collections reflect economic activity in the previous month. Sales taxes grew by only 1.1% during the month, or nearly $16 million dollars below expectations. Sales tax collections had grown at a 6.6% annual growth rate during the previous budget year.