Tennessee tax collections exceeded budgeted estimates in November — the third month this fiscal year that all tax collections have been better than estimates, with state sales taxes showing growth.
Revenue collections were $732 million, or 3.37% higher than in November 2009.
"November is the eighth consecutive month in which sales tax collections have experienced positive growth, pointing to what we believe to be a slowly recovering economy in Tennessee," said finance and administration commissioner Mike Morrow. "We will continue to closely monitor our spending plans in order to leave the budget in a balanced posture for the next governor."
Sales tax collections were $15 million more than the estimate. Gasoline and motor fuel tax collections were $7.3 million more than the estimate of $69.4 million. Inheritance and estate taxes were over-collected by $907,000.
Franchise and excise combined tax collections were $37.7 million, or $2.8 million below the estimate. Tobacco tax collections for the month were under-collected by $2.6 million and all other taxes were under-collected by $12.5 million.
Year-to-date collections for the first four months of the fiscal year have been $65.3 million more than the estimate, with the general fund over-collected by $44.3 million and other funds over-collected by $21 million.