Tennessee’s revenue collections continued an upward trend in May with growth of 3.4% over the same month last year.
Total revenue collections were $871.1 million or $15.6 million more than the state budgeted.
“May marks the 10th consecutive month this year in which total collections have exceeded the budgeted estimates,” said Finance and Administration Commissioner Mark Emkes. “While we’ve seen growth in sales tax collections for the past 26 consecutive months, the growth has slowed and corporate tax collections for May were below the budgeted estimate.”
Because of national and global economic concerns, Emkes said collections and expenditures would be closely monitored to ensure that the state remains in a good financial position.
The general fund in May was over-collected by $12.4 million, and the four other funds were over collected by $3.2 million.
Sales tax revenues grew by 4.4% and were $17.2 million more than the budgeted estimate. Franchise and excise taxes were $4.2 million below estimates of $44.8 million.
Inheritance and estate tax collections were $2.9 million above estimates, while gasoline and motor fuel collections increased by 2.46% or $2.2 million for the month.
Business tax collections were $9.1 million less than the May estimate and are $12.3 million below estimates year-to-date. Tobacco taxes came in $2.3 million above the budgeted amount of $23.6 million.