TN May Revenues More Than State Budgeted
Tennessee State Finance Commissioner Larry Martin says overall May revenues were $31.5 million more than the state budgeted. Martin says the sales tax growth rate rebounded in May mainly because of the sale of building materials and purchases of new automobiles.
He says sales tax collections were $11.2 million above the budgeted estimate, and the franchise and excise taxes were $8.8 million more than budgeted. The general fund went over by $35.3 million.