Tennessee revenue collections continued a nine-month growth trend in May with a 9.82% increase over the same month a year ago.
Revenue collections in May were $842.5 million — $63.5 million more than the state budgeted.
“May marks the ninth consecutive month this year in which total collections have exceeded the budgeted estimates,” Finance and Administration Commissioner Mark Emkes said. “Sales tax collections recorded the 14th consecutive month of positive growth, and corporate tax collections were also above the estimate.”
“Although Tennessee’s revenue collections continue to show a positive growth trend, the national leading economic indicators are causing us concern and require us to continue to closely monitor expenditures for the remainder of this year so that we end the fiscal year with a balanced budget,” he said.
The general fund was over-collected by $61.7 million, and four other funds were over-collected by $1.8 million in May. Collections of sales tax, gasoline and motor fuel taxes, and business taxes were all more than budgeted estimates.
All other taxes for May were under-collected by $1.9 million, including privilege and tobacco taxes. For the 10 months in the current fiscal year, collections have been $217.8 million more than the budgeted estimate.