Tennessee June Revenues $3.2M More Than State Budgeted
Tennessee’s Finance Commissioner Larry Martin says revenues in June were more than $3 million than the state budgeted.
Martin said in a release Thursday that state tax collections for last month were weak, but he said it marks the 11th consecutive month this year of positive growth in total collections. Sales tax collections were $100,000 less than the estimate for June, but franchise and excise taxes combined were $2.3 million more than budgeted. The general fund went over by $8.9 million.
Martin says the year-to-date growth rate for all taxes remains low and points to an economy that is still anemic and recovering slowly.