Tennessee revenue beats expectations

NASHVILLE, Tenn. (AP) -- Tennessee revenue collections for the general fund beat expectations by $23 million in February.

State Finance Commissioner Mark Emkes said in a release Thursday that the growth rate indicates "an improving economy in Tennessee," but warned that increasing gas prices could hurt that trend.

All but about $4 million of the overcollections came from sales taxes, while the rest came from corporate franchise and excise taxes.

February was the 23rd straight month the state has experienced growth in sales tax collections.

The general fund has beaten projections by $238 million through the seventh month of the budget year. Taxes collected in February reflect economic activity in the previous month.

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