NASHVILLE, Tenn. (WVLT) -- Revenue collections continue to climb in Tennessee as the state reports a nearly 10% increase in collections last month compared to April of last year. The Dept. of Finance and Administration reported April revenues were $1.39 billion, almost $83 million more than predicted.
“Sales tax collections recorded the 25th consecutive month of positive growth dating back to April of 2010,” said Finance and Administration Commissioner Mark Emkes.
The sales tax made up more than half of the surplus, exceeding forecasts by $42.9 million. For the fiscal year so far, in which April is the ninth month, revenues have surpassed expectations by $183.4 million, a growth rate of 7.26%.
Franchise and excise taxes beat projections by $16.5 million in April and are up $215.1 million for the year.