Tennessee Revenues for March $348.8 Million More than Budgeted, Annual Surplus Hits $2.5 Billion

Tennessee tax revenues for the month of March exceeded budgeted estimates by $348.8 million, putting the fiscal year surplus at $2.5 billion, reported Department of Finance and Administration Commissioner Butch Eley in a statement Thursday.

March tax revenues totaling $1.6 billion were $286.8 million or 22.78 percent higher than the state received in March 2021.

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Tennessee Revenues for February $212 Million More Than Budgeted

Tennessee tax revenues for February of $1.2 billion exceeded the budgeted estimate of $1.03 billion by $212 million or 20.6 percent, Commissioner of the Department Finance and Administration Butch Eley announced Friday.

February 2022 revenues were also $111.7 million more than what the state received in taxes in February 2021, reflecting a growth rate of nearly 10 percent.

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January State Tax Revenues Exceeded Budgeted Estimates, per Tennessee Department of Finance and Administration

The Tennessee Department of Finance and Administration announced Friday that overall January state tax revenues exceeded budgeted estimates. On an accrual basis, January is the sixth month in the 2021-2022 fiscal year.

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Tennessee Tax Revenue Beats August Estimates by $268M

Tennessee’s revenue collection continues to exceed the state’s budgeted expectations.

Tax revenue in August was $267.9 million more than budgeted estimates, reaching $1.4 billion. The growth rate for revenue was 22.11% higher than a year ago.

The August accrued numbers are for taxes collected from July. The August accruals start a new fiscal year for the state.

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Tennessee Finishes 2020-2021 Fiscal Year with a $3.1 Billion Budget Surplus

The State of Tennessee finished the 2020-2021 fiscal year with a $3.1 billion surplus in revenues, as compared to the budgeted estimates, Tennessee Department of Finance and Administration Commissioner Butch Eley reported Friday.

After adjusting for the increased revenue estimate of $1 billion recommended by the Funding Board in November 2020 and passed by the General Assembly on April 29, Eley announced total tax receipts for fiscal year 2020-2021 are $2.1 billion more than the budgeted estimates.

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Arizona Legislative Report Reveals ‘Extraordinary’ Fiscal Growth in State

A new report from the Arizona Legislature’s Joint Legislative Budget Committee shows Arizona is in great economic condition, breaking records. Revenues from taxes are high or better than projected, with significant gains expected in the future, and personal income is growing at the fastest pace since 1985. It comes after Arizona passed historic tax cuts, reducing the personal income tax to the lowest flat tax in the country at 2.5%. However, some of the rosy picture is due to COVID-19 relief.

Governor Doug Ducey issued a statement about the report, “It paints a picture of a state economy that has emerged from the COVID-19 pandemic not only in great shape, but poised to achieve even greater accomplishments in the years ahead. The ‘extraordinary growth’ Arizona saw in Fiscal Year 2021 is positive news for every Arizonan. We are leading the way in the nation’s economic recovery.”

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Tennessee’s Revenues for May $1.6 Billion, $432 Million More Than Budgeted

Tennessee Department of Finance and Administration Commissioner Butch Eley announced Thursday that the state’s revenues for May were $1.6 billion or $432 million more than the budgeted monthly revenue.

Revenues for the ten-month period put the surplus at $2.4 billion for the 2020-2021 fiscal year.

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Tennessee’s Revenues in April Push Budget Surplus to over $2 Billion with Three Months Remaining in the Fiscal Year

Higher than expected revenues for the month of April resulted in the state’s budget surplus exceeding $2 billion with three months remaining in the 2020-2021 fiscal year.

Commissioner of Tennessee’s Department of Finance and Administration Butch Eley made the announcement Friday that April revenues of $2.5 billion resulted in a $596.7 million surplus for the month of April 2021.

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Tennessee’s December Revenues Yield a $156.4 Million Surplus

The state’s revenue collections for the month of December were higher than budgeted yielding a $156.4 million surplus, Tennessee Department of Finance and Administration Commissioner Butch Eley announced Monday.

On an accrual basis, December marks the fifth month of the 2021-2022 fiscal year. 

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State Revenues $115.1 Million More than Budgeted for First Month of Fiscal Year 2021-2022

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 Revenues for July Exceed Budget Estimate by $667.1 Million

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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Tennessee’s May Revenues Nearly 16 Percent Less Than May 2019 Due to COVID-19 Pandemic

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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Tennessee Revenues for March Exceeded Budget by $62.1 Million

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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Tennessee’s January Revenue Collections Result in $129.4 Million Surplus

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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Tennessee State Revenues for October Exceed Budgeted Estimates for a $50 Million Surplus

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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State Revenues in Month of May Exceed Budget By $53.1 Million; Year-To-Date Surplus Now at $677 Million

Department of Finance and Administration Commissioner Larry Martin reported this week that May revenues exceeded the month’s budget of $1 billion by $53.1 million.  That makes nine out of ten months in the 2016-17 accrual year where collections exceeded the budget and the prior year’s collections. Year-to-date over collection of taxes…

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