NASHVILLE – Tennessee’s revenue collections continue to be stable, as anticipated last year by state financial officials. Finance and Administration Commissioner Dave Goetz today reported that overall February revenues were $716.4 million or $30.3 million more than the state budgeted.
“It’s good to see continued stability in sales tax collections for February – which are based on January spending,” Goetz said. “Although sales taxes are under collected year-to-date, February’s growth indicates a continued consumer confidence in Tennessee’s economy and the stable spending path we’ve been on under Governor Bredesen.”
On an accrual basis, February is the seventh month in the 2006-2007 fiscal year.
The general fund was over collected by $27.6 million and the four other funds were over collected by $2.7 million.
Sales tax collections were $9.5 million more than the estimate for February. The February growth rate was 5.3%. For seven months revenues are under collected by $54.8 million. The year-to-date growth rate for seven months was 4.31%.
Franchise and excise taxes combined were $15.6 million above the budgeted estimate of $28.6 million. For seven months revenues are over collected by $116.5 million.
Gasoline and motor fuel collections for February increased by 1.0%. For seven months revenues are over collected by $5.9 million.
Year-to-date collections for seven months were $115.7 million more than the budgeted estimate. The general fund was over collected by $99.1 million and the four other funds were over collected by $16.6 million.
The budgeted revenue estimates are based on the State Funding Board’s consensus recommendation adopted by the second session of the 104th General Assembly in May of 2006.