Tennessee tax revenue exceeded the state’s budget estimate by $129.5 million in November, continuing a four-month streak of positive revenue after declines in April, May and June.
The Tennessee Department of Finance and Administration said overall state revenue in November was $1.1 billion – nearly 2% more than a year ago. In the first four months of the fiscal year, tax revenue collections exceeded budgeted estimates by $576 million.
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Three months into the 2020-2021 fiscal year, Tennessee’s actual revenues have exceeded the budget to create a $447 million surplus.
The surplus represents revenues that are 13 percent over and above the budgeted revenues through October and the fourth month in a row of budget surpluses.
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Michigan leaders sealed a $62.8 billion fiscal 2021 budget agreement, increasing spending by billions from last year’s initial budget even after state revenue plummeted from COVID-19 and policies placed to curb its spread.
Experts previously estimated Michigan’s revenue would drop by $6.3 billion over the next two fiscal years.
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Tennessee revenues exceeded budgeted estimates for the first month of the state’s 2021-2022 fiscal year by $115.1 million, Department of Finance and Administration Commissioner Butch Eley reported Monday.
Total state revenues for August, the first month of the fiscal year on an accrual basis, were $1.16 billion, which is $22 million more than August 2019 and 11 percent more than the budgeted estimate for the month.
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Tennessee tax revenues for the month of July exceeded the budgeted estimate by $667.1 million, Tennessee Department of Finance and Administration Commissioner Butch Eley announced Thursday.
Overall revenues of $1.86 billion in July were $689.4 million more than state revenues in July 2019.
The higher-than-expected revenues for July has the state finishing the 2019-2020 fiscal year in a surplus position of $369.2 million against the budgeted estimate and 2.42 percent above last year, despite the impacts of the COVID-19 economic slowdown.
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The Comer Barn was a “gift” to Sumner County from Rogers Group Inc. by way of a deed that had no funds involved, County Executive Anthony Holt announced to Sumner County Board of Commission members at several committee meetings in April 2016.
The old and picturesque stone horse barn, considered by many as a historic structure, is located on Highway 31 between Gallatin and Hendersonville on the property of one of Rogers Group’s quarries. Rogers Group is a road paver and builder, asphalt supplier and the largest privately-owned crushed stone, sand and gravel mix company in the U.S.
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Ohio concluded the 2020 fiscal year with General Revenue Fund tax revenues of $1.1 billion, or 4.6 percent, below estimates, a clear indication of the impact the COVID-19 restrictions have had on the state.
Tax revenues in June were $50.5 million, or 2.2 percent, below estimate. However, state officials noted that revenues were better than a month earlier when they were 13 percent below expectations.
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Is America in a recession? It’s an unpopular question to ask, but it has now been over 3 months since COVID-19 restrictions were initiated and it is time for us to get realistic about where we are economically so that we can take the proper steps to minimize further damage to our economy. At this point, the unfortunate reality is that regardless of what we do, it is likely that it will take at least several years to see a partial recovery of economic loss and the time that it will take for a complete recovery remains unknown at this point.
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During another lengthy meeting that began Tuesday night and went into Wednesday morning, by a 32 to 8 vote the Nashville Metro Council passed a budget that includes a record 34 percent property tax increase, increased funding for police, cost-of-living raises to city employees, increases funding to the school district as well as funding for a school district minimum wage of $15 per hour.
The Council-approved property tax increase is even higher than the 32 percent increase that Mayor John Cooper called for in his budget proposal.
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As the second session of the 111th Tennessee General Assembly winds down, the House and Senate will need to reconcile their two different budget proposals to close out the current fiscal year and for the upcoming fiscal year 2021.
The Senate version passed with a vote of 27 Ayes, 1 No and 2 Present and Not Voting during the June 11 floor session.
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The Nashville grassroots group NoTax4Nash announced that it and other like-minded groups pledge to recall Mayor John Cooper and any members of the Metro Nashville Council who vote for a property tax increase without an audit to determine if there is need for one.
The NoTax4Nash pledge comes as the Metro Council is scheduled to vote on Mayor John Cooper’s proposed budget Tuesday, June 16.
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Democrats who control the Minnesota House announced a $300 million economic aid proposal Monday for businesses that were damaged or destroyed during the civil unrest over the death of George Floyd.
The legislation is aimed at commercial corridors in lower income neighborhoods that were hardest hit as protests over Floyd’s May 25 death while in Minneapolis police custody turned violent. Many of the affected small businesses along Lake Street and Broadway Avenue in Minneapolis, and University Avenue in St. Paul, are owned by people of color and immigrants.
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The May revenues announced by Tennessee Department of Finance and Administration Commissioner Butch Eley Monday showed a negative growth rate of 15.83 percent compared to a year ago.
The state’s revenues of $981.9 million were $197.3 million less than budgeted and $184.7 million less than May 2019, according to the department’s news release.
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Metro Councilman-at-Large Steve Glover and owner of Peg Leg Porker, Carey Bringle, called for at least another week to review the city’s budget for the upcoming 2021 fiscal year.
Glover has been outspoken about Mayor Cooper’s 32 percent proposed property tax increase, and native Nashvillian Pringle made news when he shared his scathing letter to Mayor Cooper and the Metro Council about the proposed property tax increase.
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There have been a number and variety of both high-profile and lesser-publicized events in Nashville that at first glance are seemingly unrelated – but are actually connected by way of the groups that have been involved with them.
The first and most notable event took place on Saturday, May 30, when the Music City’s protests over the death of George Floyd on May 25 turned into a violent riot.
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Lt. Governor Randy McNally (R-Oak Ridge) suggested that the annual sales tax holiday is one of the things that would not be done this summer to help compensate for the state’s revenue shortfalls.
The revelation by the lieutenant governor was included in a WBIR 10News report in conjunction with adjustments the Tennessee General Assembly expects to make to the fiscal year 2021 budget.
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At least two citizen-led efforts are underway to fight back against Nashville Mayor John Cooper’s proposed 32 percent property tax increase.
Cooper unveiled his $2.447 billion budget for the fiscal year 2021 – an increase of $332 million over the current year late last month, The Tennessee Star reported.
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A volunteer effort is seeking to protect taxpayers from reckless government spending by putting a Nashville Taxpayer Protection Act on the ballot in December.
The goal of this act is to force the government to be fiscally responsible through a series of amendments to the charter of the Metropolitan Government of Nashville and Davidson County.
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Nashville has suffered the steepest drop in consumer spending of any major metropolitan area in the U.S due to COVID-19, according to a report Wednesday in the Nashville Business Journal.
The Journal used information obtained from Harvard’s new Opportunity Insights Economic Tracker, working with Brown University and the Bill & Melinda Gates foundation to pull data from a variety of sources.
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Mayor John Cooper’s budget for the 2021 Fiscal Year (FY) includes a five percent increase in spending, which will come at the expense of Nashville property owners by way of a 32 percent property tax increase.
The record-high budget of $2.45 billion is Cooper’s first, and comes on the heels of a devastating tornado on March 3 and during a worldwide coronavirus pandemic which resulted in major losses of personal property and income for Nashvillians.
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The economic shutdown has turned Minnesota’s projected $1.5 billion budget surplus into a $2.4 billion deficit, state officials announced Tuesday.
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The University of Akron President Gary Miller said in a video message to campus Monday that the school is set to lose between $65 million to $70 million as a result of the coronavirus outbreak.
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Commissioner of Finance and Administration Butch Eley announced Monday that the Tennessee’s tax revenues exceeded budgeted estimates for the month of March by $62.1 million, despite the anticipated impact of the coronavirus.
Eley was named to the new post by Governor Bill Lee on April 15, while also serving as the Chief Operating Officer for the state. Prior to joining Governor Lee’s administration, he was a founder and CEO of Infrastructure Corporation of America, an infrastructure asset maintenance management company and a partner at the Ingram Group.
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Metro Nashville departments have submitted requests for the upcoming fiscal year 2021 budget totaling 861 new full-time equivalent (FTE) positions and increases funding by staggering $144 million.
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A bill passed by the Tennessee General Assembly last week reveals that in fiscal year 2019-2020 the Copeland Cap, at $629 million or 3.6 percent, hit its highest level in more than a decade.
The legislation, which passed as HB2819 in both chambers on March 19 with only one “no” vote by Democrat Representative G. A. Hardaway (D-Memphis), was one of the four bills addressed in an expedited fashion to enact a bare bones budget before lawmakers recessed until June 1 amid the COVID-19 health crisis, The Tennessee Star reported.
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Tennessee’s lawmakers worked all day and well into the evening Thursday to approve a budget for fiscal year 2021 before adjourning for a recess that will go until June 1, 2020.
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On Thursday’s Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. – host Michael Patrick Leahy welcomed Roy Matlock, Jr. to the newsmakers line.
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In the wake of the COVID-19 pandemic, the Tennessee General Assembly continued its push Wednesday to wrap-up bills deemed necessary and a bare-bones budget by the end of the week, and possibly as early as end of day Thursday.
In keeping with that, a total of 20 subcommittee and committee meetings were scheduled for Wednesday, 15 for the House and five for the Senate, in addition to a floor session for each chamber.
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The Tennessee General Assembly adjusted schedules at the start of the week for Tuesday to address only those procedures and bills deemed necessary to fulfill the constitutional requirement of passing a balanced budget for fiscal year 2021, which runs July 1, 2020, to June 30, 2021.
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A House bill package seeks to put about $800 million annually into local roads without a 45-cent gas tax hike or increasing future debt.
The six-bill package, if enacted, would eliminate the six percent sales tax on fuel over three years and replace it with another excise tax that would fund the 92 percent of local roads that aren’t touched by Gov. Gretchen Whitmer’s $3.5 billion bonding plan.
Much of that bonding money would go to repair roads in Metro Detroit.
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Live from music row Monday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 am to 8:00 am – host Leahy and all-star panelist Crom Carmichael welcomed in-studio guest Metro Councilman Steve Glover to the show. At the top of the third hour, Glover expressed urgency to curb costs and expenditures in Nashville. He explained how the cycle of business has been that of increased revenues that are mishandled instead of being used on necessary infrastructure repair. Glover was concerned that the money continues to be spent in irrelevant areas creating a budget issue in a booming city. Leahy: In the studio with us the original all-star panelist, Crom Carmichael. Good morning, Crom. Carmichael: Michael. Leahy: And, Metro council member Steve Glover. Carmichael: Thank you, sir. Leahy: Well, a big week ahead for Nashville Metro council. Budget battles. Glover: I think it starts. I think we’re going to have a good conversation. Prior to that though, let me say, Frank and Barbara very good friends of mine. Leahy: Frank and Barbara? Glover: Today is their anniversary. Leahy: Frank and Barbara 57th anniversary. Carmichael: Wuthier? Frank and Barbara Wuthier? Leahy:…
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State Superintendent Michael Rice (pictured above) praised the school funding increases included in the budget proposed by Gov. Gretchen Whitmer, saying it set the path for a growth within the Michigan school system.
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The state’s revenue collections for the month of January remained strong, resulting in a $129.4 surplus over the budgeted estimate of $1.55 billion, Tennessee Department of Finance and Administration Commissioner Stuart McWhorter reported Friday.
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President Trump’s budget proposal includes nearly an eight percent cut to the Department of Education, a choice that has received backlash from Democrats.
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One initiative in President Donald Trump’s fiscal 2021 budget, to be presented to Congress Monday, targets waste, fraud and abuse of taxpayer money.
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Despite deep budget cuts for the Environmental Protection Agency at large, the budget plan for 2021 proposed by President Trump grants full funding to protection programs for the Great Lakes.
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State lawmakers nationwide are spending more money, but they are also replenishing rainy day funds in preparation for the next economic downturn, a new report determined.
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Live from Music Row Monday morning on the Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 am to 8:00 am – Leahy was joined in studio by all-star panelists, Ben Cunningham and Nashville Metro Councilman at-large Steve Glover. During the third hour, Glover explained what expenses Nashville could cut to decrease the budget issues now facing the city after years of mishandling. He suggested that cutting funds to the MTA which nobody rides anyway would be beneficial to the city and making first responders and metro employees the top priority. Glover added that this is something the city did to itself and argued against those in council who want to spend more to fix the problem. Leahy: Steve Glover, Metro Council member at Large. We were talking before the break. You were going to tell us what Nashville can do to cut expenses to get out of this deficit hole that we’re temporarily out of. We got a little bit of a reprieve. What do you recommend? Glover: There’s several things I recommend. We’d have to be here for hours. Leahy: Hit the top two. Glover: If you’ll indulge me. Leahy: We…
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Live from Music Row Monday morning on the Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 am to 8:00 am – Leahy was joined in studio by the all-star panelist, Crom Carmichael, and Nashville Metro Councilman Steve Glover.
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In a news release Friday, the Commissioner of Finance and Administration Stuart McWhorter announced that the state’s revenues for October exceeded budgeted estimates, resulting in a $49.8 million surplus for the month.
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The report of Tennessee state revenues for September at $1.6 billion resulted in a budget surplus of $138.8 million. Revenue for the month of September 2019, as indicated in the report, is $138.7 million more than September 2018, reflecting a 9.75 percent year-over-year growth rate. On an accrual basis, September is the second month in the 2019-2020 fiscal year. Combined with August, the two months of revenues have resulted in a total $167.6 million budget surplus year-to-date. Revenues are 6.6 percent ahead of the plan for the 2019-2020 fiscal year and 9.00 percent ahead of this time in the 2018-2019 fiscal year. Finance and Administration Commissioner Stuart McWhorter said of the most recent month’s revenue results, “September sales tax receipts continue to reflect strong consumer activity within the state and corporate tax revenues greatly outperformed expectations.” The sales and use tax, the state’s largest revenue generator accounting for more than 60 percent of the 2019-2020 budgeted revenues, exceeded the estimates for September by $31 million or nearly 4 percent. Year-to-date, sales tax revenues have exceeded the budgeted estimates by $40 million, or 2.5 percent for the two month period. Franchise and excise taxes combined, the state’s second-largest revenue source…
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Live from music row Monday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 am to 8:00 am – Leahy and in-studio guest Metro Councilman Steve Glover discussed the Nashville city budget and how Mayor Cooper’s taken a good first step to get $12 million back from the Music City Convention Center.
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Commissioner of the Department of Finance Administration, Stuart McWhorter, reported last week that Tennessee revenues for August were $28.8 million more than the budgeted estimates.
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In a discussion Thursday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 am to 8:00 am – Leahy spoke to in-studio guest and Metro Council at-large candidate, Steve Glover about the need for a more conservative fiscal budget in Nashville. He also noted that it is crucial that Nashville maintain a conservative voice at the table.
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On Monday’s Tennessee Star Report – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 am to 8:00 am – Michael Patrick Leahy talked to Nashville Metro Council member Steve Glover about Nashville’s fiscal irresponsibility and how Glover is the ‘last man standing’ to help save the city from destructive fates similar to Detroit, Chicago, and Baltimore. As the show progressed, Leahy implied that a vote for Glover would be a vote for prudent financial management. Glover agreed stating that Nashville needs to prioritize their spending with an emphasis on services that keep the city safe and clean. Nearing the end of the show Glover added, “So much is at stake. I’m just telling you right now we are at a turning point. If we don’t get a hold of this. And we can fix it. But we don’t have anymore time. We’ve got to fix it now. Our children and grandchildren cannot afford for us to lose this game.” Leahy: We are here with Steve Glover a member of the Metro Council. Who’s a candidate for the Metro Council at large. He’s in the runoff. Welcome to the studio here Steve. Glover: Thank you sir. How…
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GALLATIN, Tennessee – By a vote of 17 to 7, the Sumner County Board of Commissioners passed a 17 percent hike in the property tax rate at the regularly scheduled meeting on August 19.
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Department of Finance and Administration Commissioner Stuart McWhorter announced Wednesday that Tennessee’s June revenues were $92.5 million more than the state budgeted for the month, resulting in a total budget surplus of $649.2 million with just one month remaining in the 2018-2019 fiscal year. The state’s revenue collections of $1.6 billion for the month of June, which is the eleventh month of the year on an accrual basis, were $115.3 million more than collected in June of 2018. McWhorter acknowledged that total revenues in June “were notably higher than expected,” which confirms the strength of the Tennessee economy, he said. Revenues have exceeded the budgeted estimates all 11 months of the current fiscal year, with surpluses ranging from a low of $3.2 million in October 2018 to the high of $258.9 million in April 2019. April’s excess revenues alone account for nearly 40 percent of the year-to-date budget surplus. June’s surplus puts revenues to the state 4.8 percent ahead of the budget and 5.6 percent ahead of this time last fiscal year. The Franchise and Excise Tax plus the Sales and Use Tax make up about 80 percent of the State’s total revenues as well as the budget surplus…
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As budgets for the operation of Sumner County government and schools are set to be approved by the Board of County Commissioners at the regularly scheduled monthly meeting on Monday, June 17, the proposed spending plan will require an increase in the property tax rate. While the amount of the property tax increase has not yet been established, it is clear through discussions by several of the County Commissioners as well as the County Finance Director that an increase is imminent. A property tax increase would be the second for Sumner County in less than five years, with the last set into place in November of 2014. Both times, the property tax increases coincided with a property reappraisal which happens every five years in Sumner County. All of Tennessee’s 95 counties are on a four-, five-, or six-year reappraisal cycle. Upon the completion of the appraisal of all properties in a county, no matter the length of the reappraisal cycle, the county’s Assessor of Property determines and certifies a property tax rate that provides the same revenue for the County as was levied during the previous year. This is otherwise known as a certified tax rate (CTR) or revenue-neutral…
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Metro Nashville Mayoral candidate Dr. Carol Swain is calling for answers following Mayor David Briley’s contradictory statements and budgetary moves on his controversial parking meter plan. “How can Mayor Briley promise voters he’ll hold off on his widely opposed parking meter plan, at the same time his administration is quietly planning to spend the up-front $30 million it would bring in if passed? Which one is it—the bill is on hold so the public can weigh in, or the mayor will ram it down our throats as soon as he no longer needs our votes? The public deserves honest answers,” Swain said in a press release. Just two weeks ago, Briley said he was “hitting the pause button” on his plan to privatize parking meters, The Tennessee Star reported. “It is clear to me that residents still have questions about the merits of this proposal. Residents need more time – and it is unfair to the public and to Council to rush this process,” Briley wrote. Worse yet, others are using misinformation to further confuse and scare people. It’s politics at its worst. For these reasons, I am hitting the pause button on this proposal.” However, Swain said that last Tuesday,…
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Hamilton County Mayor Jim Coppinger on Tuesday presented a budget that includes a 34-cent property tax increase for the school system, The Chattanoogan reported. The proposed budget does not include any increase for the county general budget, the publication said. Coppinger had previously talked about including 15 cents for that portion of the budget, for a 49-cent increase. The proposed tax increase of 34 cents would cost the owner of a $100,000 house $85 per year, The Chattanoogan said. The proposed 17 percent property tax increase is meant to hire 350 positions for the school district, The Tennessee Star reported. Proposed new positions include counselors, graduation coaches, a data warehouse programmer, 15 truancy officers and more. School Board member Rhonda Thurman, a critic of the proposed bump in spending for the school system, recently told The Star that even if the 350 personnel do not help to raise test scores, they likely still will keep their jobs. “We never get rid of a program. All we do is keep adding on to them,” said Thurman, who said these positions are unneeded. Coppinger’s proposed budget is $819 million, a $65 million increase from the current year, with almost $60 million…
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