Tag: Stuart McWhorter

Truck Manufacturing Company Investing $50 Million in Tennessee Expansion

Peter D'Abrosca

A major truck manufacturing company will spend millions to expand its operations in Murfreesboro, according to the state government. 

“Tennessee Gov. Bill Lee and Department of Economic and Community Development Commissioner Stuart McWhorter announced today that Minnesota-based McNeilus Truck and Manufacturing, Inc., an Oshkosh Corporation [NYSE: OSK] company, will be investing more than $50 million to expand its manufacturing presence in Tennessee,” according to a release from the Tennessee Department of Economic & Community Development. 

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Tennessee Revenues for March Exceeded Budget by $62.1 Million

Laura Baigert

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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With One Month Remaining in the Fiscal Year, Tennessee’s Budget Surplus Is Now Up To $649 Million

Laura Baigert

  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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Tennessee Tax Revenues Exceed Estimates for March

Chris Butler

  Department of Finance and Administration Commissioner Stuart McWhorter announced this week that Tennessee tax revenues exceeded budgeted estimates in March. Overall March revenues totaled $1.1 billion, which is $52.8 million more than the state received in March of 2018 and $28.6 million more than the budgeted estimate for the month. “Sales tax revenues continue to demonstrate the strength of the Tennessee consumer by outpacing last year’s receipts and the state’s budgeted estimate for the month,” McWhorter said in a press release. “Franchise and excise taxes also showed growth compared to March 2018 but were less than the state’s estimate. All other tax revenues combined exceeded the month’s budgeted estimates. The state’s year-to-date tax revenue growth indicates a promising finish to the 2018-2019 fiscal year.  However, a fourth of the state’s volatile corporate tax revenue collections typically occur within the next month. Therefore, we will continue to monitor our monthly tax receipts closely.” On an accrual basis, March is the eighth month in the 2018-2019 fiscal year, the press release went on to say. General fund revenues were $29 million more than the budgeted estimate while the four other funds that share in state tax revenues were $0.4 million less…

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Tennessee Tax Revenues Exceed February Budget Estimates

Chris Butler

Tennessee Department of Finance and Administration Commissioner Stuart McWhorter has announced that Tennessee tax revenues exceeded budgeted estimates in February, according to a state press release. Overall February revenues were $953.8 million, which is $68.9 million more than the state received in February 2018 and $39.9 million more than the budgeted estimate. The growth rate for February was 7.79 percent, the press release said. “The state experienced sound growth in its two largest contributors to the state’s tax base, state sales and use tax revenues and franchise and excise tax revenues, compared to last February,” the press release quoted McWhorter as saying. “All other revenues combined also exceeded the state’s budgeted estimate. On a year-to-date basis, state revenue collections are well positioned to finish the fiscal year ahead of our budgeted estimates. Typically, more than one half of our corporate revenues for the year are accounted for in the months of April through June; however, due to the volatile nature of these taxes we will remain cautiously optimistic and continue to manage conservatively.” On an accrual basis, February is the seventh month in the 2018-2019 fiscal year. General fund revenues exceeded the budgeted estimates in the amount of $40.4 million…

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