NASHVILLE, Tenn. (AP) -- Senate Speaker Ron Ramsey says the state's revenue surplus of more than a half-billion dollars should stay in the bank despite calls from Democrats to use it to offset tuition costs.
The Blountville Republican spoke to reporters following a meeting at the Legislative Plaza on Thursday. He says it's bad policy to spend the money at this time because of future costs that may arise, such as expenses resulting from the new federal health care law.
State Finance Commissioner Mark Emkes announced Wednesday that tax collections came in at $130 million above estimates in June, which brought the year-to-date surplus to $540 million.
Last month, the University of Tennessee Board of Trustees and the Tennessee Board of Regents voted for tuition and fee increases of as much as 8 percent for the fall.