Tennessee revenues $50M short in start of budget year

NASHVILLE, Tenn. (AP) -- Tennessee's tax collections have fallen far short of estimates in the first month of the budget year.

The general fund missed projections by about $50 million in August, mostly on worse-than-expected sales and corporate tax collections.

Corporate franchise and excise taxes came it about $26 million below the budgeted estimate of $41 million. Sales taxes came in at $21 million below projections.

State Finance Commissioner Dave Goetz says he hopes August's poor tax collections will be made up during the remainder of the budget year.

Lawmakers were forced to cut nearly a half-billion dollars for this year's spending plan because of an economic downturn.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

You must be logged in to post comments.

Password (case sensitive):
Remember Me:


6450 Papermill Drive Knoxville, TN 37919 Phone - (865) 450-8888; Fax - (865) 450-8869
Copyright © 2015 WVLT-TV Inc. - Designed by Gray Digital Media - Powered by Clickability 28160424 - local8now.com/a?a=28160424
Gray Television, Inc.