Tennessee has now collected $279.9 million less than budgeted through the first five months of the fiscal year.
December’s $1.9 billion in collections were $82.5 million less than budgeted In numbers released Friday afternoon.
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Tennessee revenues for December were $217.2 million more than budgeted and represented growth of nearly five percent over December 2021, according to Friday’s announcement by the state’s Commissioner of Finance and Administration Jim Bryson.
December is the fifth month, on an accrual basis, of the 2022-2023 fiscal year, and the year-to-date revenues are $959.9 billion in excess of what was budgeted and $655 million over the same time last fiscal year.
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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 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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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’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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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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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 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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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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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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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 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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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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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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In the monthly announcement of state revenues, Tennessee Department of Finance and Administration Commissioner Stuart McWhorter reported that collections for December were $55.3 million more than the budgeted estimate.
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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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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 is now up to $677.6 million. The most controversial and predominant legislation this past session was the gas-tax-increasing IMPROVE Act, with a large part of the arguments by proponents focusing on the “user fee” that they claim is diminishing due to increased vehicle fuel efficiency. Before the gas and diesel tax increases go into effect on July 1, fuel tax collections for the year are $44.3 million above the budget and $18 million ahead of last year’s collections. The Highway Fund in total, which, in addition to the fuel tax, is funded by some but not all potential “user fees,” is 4.83 percent over budget and 1.88 percent ahead of this time last year. So far this year, that’s an additional $28 million for road projects, a month before Tennesseans start paying the four-cent per gallon gas and six-cent per gallon diesel tax increases. The data tables are available on…
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