NOVEMBER REVENUES IMPROVE OVER OCTOBER
NASHVILLE, Tenn. – Franchise and Excise tax collections improved in November over the previous month, pushing state tax revenues to $36.8 million more than the budgeted estimate. Finance and Administration Commissioner Dave Goetz announced today that tax collections were $735.4 million, and the general fund was $34.2 million overcollected and with four other funds overcollected by $2.6 million.
“Most of our economic forecasts are calling for less growth as we round out this fiscal year and it’s still early in the year for F&E collections,” Goetz said. “While we’re comfortable at this point with F&E collections, the bulk of F&E revenue typically comes in April.”
Franchise and excise taxes combined were $31.1 million more than the estimate of $20.3 million. For four months, revenues were $11.8 million overcollected.
Sales tax collections were $8.4 million less than the estimate in November and for four months were undercollected by $10.6 million.
Gasoline and motor fuel collections increased by 3.26% and were $4.3 million more than the budgeted estimate of $72.4 million. For four months, collections were $8.1 million more than the estimate.
Year-to-date collections for four months were $34.9 million more than the budgeted estimate. The general fund was overcollected by $27.8 million and the four other funds were overcollected by $7.1 million.
The budgeted revenue estimates are based on the State Funding Board’s consensus recommendation adopted by the first session of the 104th General Assembly in May. On an accrual basis, November is the fourth month of the state’s fiscal year.