NASHVILLE – Tennessee revenue collections for September are above collections for September of 2006, but slightly less than the budgeted estimate. Overall September revenues were $1.1 billion or 8.86% over collections for the same period last year.
“While we are pleased with the overall growth rate in September tax collections, and particularly the Franchise and Excise taxes, we must continue to be cautiously optimistic,” Finance and Administration Commissioner Dave Goetz said. “In a typical fiscal year, about one-fourth of F&E tax collections are realized in April.”
On an accrual basis, September is the second month in the 2007-2008 fiscal year.
September collections were $16.8 million less than the budgeted estimate. The general fund was under collected by $24.9 million and the four other funds were over collected by $8.1 million.
Sales tax collections were $7.2 million less than the estimate for September. The September growth rate was 3.6%.
Franchise and excise taxes combined were $12.7 million below the September budgeted estimate of $307.4 million. The September growth rate was 13.7%.
Gasoline and motor fuel collections for September increased by 7.5% and they were $4.6 million above the budgeted estimate of $73.4 million.
Tobacco tax collections for the month were under collected by $9.6 million, but they were $10.5 million over September 2006 collections. All other taxes were over collected by a net of $8.1 million.
Year-to date collections for two months were $35.8 million less than the budgeted estimate. The general fund was under collected by $42.9 million and the four other funds were over collected by $7.1 million.
The budgeted revenue estimates for 2007-2008 were adopted by the first session of the 105th General Assembly in June of 2007.