NASHVILLE, Tenn. (AP) - The state has finshed the budget year with a $42 million general fund surplus.
Tennessee collected $342 million more than originally projected by the State Funding Board for the 2012-2013 budget year, but the panel revised that prediction upward by $306 million in December. Collections still came out above those estimates.
Over the course of the budget year, sales taxes grew by 1.8 percent and corporate taxes increased by 9 percent.
A spokesman for Gov. Bill Haslam said there it was too early to say what the surplus would be used for.
The Republican's administration chose to bank most of the $333 million surplus the state collected last year, despite calls by Democrats to use the money to defray tuition increases or reduce the state's sales tax on groceries.
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.