Tenessee state tax collections for September once again failed to meet budget estimates. Overall revenues were $920.0 million, which is 5.7% less than collections for the same month last year. These collections were $41.8 million below budget. Sales tax makes up the bulk of the under-collection, coming in $37.8 million below estimates with a 9.4% decline over prior year's collections. The next few months will be interesting as the impact of the "Cash for Clunkers" program is determined and as we enter the point in the year where collections began to really drop last year. September gas tax collections, which were a bright spot last month, decreased by 5.7% and were off estimates by $7.6 million. For more detailed information about reveneus collections, you can go to the Department of Revenue's website here:
http://www.tennessee.gov/revenue/statistics/index.htm
Also, for a chart of the State's budget estimates for Fiscal Year 2009-2010, go to:
http://www.tngove/finance/bud/budget.html.
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