State Revenue Collections Down Significantly

The State Department of Finance and Administration has reported that state revenue collections for September were $976.7 million, which is $85.5 million less than budgeted estimates. Even more sobering is the fact that this figure is actually 8.2% below September collections for 2007. For the state, this marks the second consecutive month in which sales taxes and corporate income taxes have shown negative growth rates from 2007 to 2008. So far this fiscal year, state revenue collections are off by $125 million over the prior year.

Great Save Program to Assist Homeowners with Adjustable-Rate Mortgages

As was discussed at our regional meetings, the Tennessee Housing Development Agency is now offering assistance to homeowners who are struggling with adjustable rate mortgage loans. As of October 1, THDA began administering "Great Save," a refinance program for certain homeowners who have ARM loans. The Great Save program provides a below market fixed rate mortgage to qualified homeowners. For information about this program and the other services offered by THDA, visit www.thda.org. More information about this program will be shared at the TCSA conference in Memphis.

Regional Meetings A Success

Thanks to all of you who came out for one of our regional meetings in September. We had good attendance and lively discussion of issues at the meetings. I hope those of you there found the presentation from the Tennessee Housing Development Agency timely and informative. With the housing crisis we are facing, the programs this agency administers are critical to our citizens and communities. If you are not already planning to do so, I encourage you to attend the Tennessee County Services Association Annual Fall Conference and Trade Show in Memphis October 29-31 at the Peabody Hotel. We will hold both Board and Nominating Committee meetings for TCCA at this event and will have a general membership meeting. In addition, there is a broad array of educational seminars and workshops available for attendees and excellent general session speakers. For more information about the conference, visit the TCSA website: www.tncounties.org.