After Two Years, State Revenue Collections Finally Begin to Improve

Tennessee revenue collections improved in April with a net positive growth of 2.23% over April collections one year ago. Finance and Administration Commissioner Dave Goetz reported today that overall April revenues were $1.243 billion, which is $43.4 million more than the state budgeted.

"April is the first positive sales tax growth month in almost two years - since May of 2008," Goetz said. "Sales tax collections started their downward spiral starting in January of that year and, beginning with the month of June, recorded an unprecedented 22 consecutive months of negative collections."

On an accrual basis, April is the ninth month in the 2009-2010 fiscal year.

The general fund was over collected by $51.4 million, and the four other funds were under collected by $8.0 million.

Sales tax collections were $9.7 million more than the budgeted estimate for April. The April growth rate was positive 5.62%. For nine months revenues are under collected by $201.8 million. The year-to-date growth rate for nine months was negative 4.11%.