WKU Public Radio News Staff
Fri September 14, 2012
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.