Tennessee annual revenue collections fall $511M short

NASHVILLE, Tenn. (AP) -- Tennessee's general fund tax collections missed projections by $511 million in the last budget year.

The Legislature approved deep spending cuts to prepare for the downturn in state tax collections, but revenues still came in almost $17 million short of those revised projections.

The state had to resort to tapping reserve funds to close the state's books for the budget year that ended June 30.

State sales tax collections were $237 million below original projections for the year -- a growth rate of 0.68 percent over the previous budget year.

Corporate franchise and excise taxes missed annual projections by about $171 million.

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

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