State Revenue Collections for June

The revenue report for June once again includes mixed news. Total state tax collections for the month were below budgeted estimates, but recorded positive growth in sales and corporate taxes. Finance and Administration Commissioner Dave Goetz announced that overall June revenues were $1.062 billion, which is $6.2 million less than the state budgeted. June sales tax collections represent consumer spending that took place in the month of May.

““This marks the third consecutive month in which sales tax collections recorded positive growth over the same month a year ago,” Goetz said. “While the positive growth for June is small, remember that consumer spending was depressed in May as a result of the unprecedented flooding the state endured. Although we believe that Tennessee is in the early stages of economic recovery we will continue to be diligent in monitoring the state’s spending in order to keep our budget in balance on a recurring basis.””

The general fund was under collected by $9.3 million, and the four other funds were over collected by $3.1 million. Sales tax collections were $16.8 million less than the estimate for June. The June growth rate was 0.73%.

Year-to-date collections for eleven months were $225.5 million less than the budgeted estimate. The general fund was under collected by $179.3 million and the four other funds were under collected by $46.2 million.

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