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Revenues $15.6M less than budget estimate
Tuesday, April 14 2015, 16:55

Tennessee revenue collections fell short of budgeted expectations in March.

Finance and Administration Commissioner Larry Martin reported Friday, April 10 that overall March revenues were $943.7 million, which is $15.6 million less than the state budgeted. Total tax collections in March were 1.26% below the previous year.

“March collections reflect weaker than anticipated revenues from the sales tax category due to the severe ice storms which occurred in February,” Commissioner Martin said. “We believe this is an isolated occurrence and that consumer spending will reflect somewhat normal growth next month.

“Franchise and Excise collections were above budgeted estimates for March and, taken as a group, all other tax collections exceeded budgeted estimates for the month as well.”

On an accrual basis, March is the eighth month in the 2014-2015 fiscal year.

The general fund was under collected by $16 million, and the four other funds were over collected by $0.4 million.

 

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