August State Revenues Exceed Expectations

Wednesday, September 19, 2018

Tennessee revenues were more than the budgeted estimates for the first month of the state’s fiscal year.  Finance and Administration Commissioner Larry Martin Wednesday reported that overall August revenues were $1.05 billion, which is $71.5 million more than August 2017, and $34.4 million more than the budgeted estimates. The growth rate for all taxes in August was 7.29 percent. 

“August revenues have exceeded expectations and demonstrate the continued strength of the Tennessee economy,” Commissioner Martin said.  “Sale and use tax receipts, reflecting July consumer sales activity, motor vehicle registration and business tax receipts all posted growth that contributed to the state outperforming its budgeted estimate.  However, franchise and excise taxes and gross receipts fell short of their respected estimates and offset some of the positive advancement.

“August numbers are a positive start to Fiscal Year 2019. Given that we are in one of the longest economic expansions in history, we will continue to monitor economic activity and revenue trends.”

General fund revenues were $14.4 million more than the August estimate. The four other funds that share in state tax revenues were $20 million more than the estimates.

Sales tax revenues were $18.3 million more than the estimate for August. The August growth rate was positive 6.11 percent. 

Franchise and excise taxes combined were $4.5 million less than the budgeted estimate of $37.4 million. 

Gasoline and motor fuel revenues increased by 9.19 percent from August of 2017, and were $5.3 million more than the budgeted estimate of $96.2 million.  

Business tax revenues were $4.9 million more than the August estimate of $4.9 million. 

Tobacco tax revenues for the month were less than budgeted estimates by $1.0 million. 

Privilege tax revenues for August were $0.9 million more than the estimate. 

Motor vehicle registration revenues were $11.8 million more than the August estimate. 

Gross Receipts tax revenues for August were $2.6 million less than the budgeted estimate of $13.4 million. 

All other tax revenues exceeded budgeted estimates by a net of $1.3 million. 

The budgeted revenue estimates for 2018-2019 are based on the State Funding Board’s consensus recommendation of Nov. 27, 2017 and adopted by the second session of the 110th General Assembly in May 2018. Also incorporated in the estimates are any changes in revenue enacted during the 2018 session of the General Assembly. These estimates are available on the state’s website at https://www.tn.gov/content/tn/finance/fa/fa-budget-information/fa-budget-rev.html.



Enrollment Period Announced For Monthly Payment Program For Bradley County Property Taxes

Bradley County Trustee Mike Smith has announced the enrollment periods for the 12-month payment program for property taxes. The program for the 2019 property taxes will have the first payment due on March 15, 2019. Enrollment for the monthly payment program is currently open through Dec 7. An additional enrollment period will be from Jan. 3, 2019, through Feb. 8, 2019. ... (click for more)

Tennessee September Revenues Exceeded Budgeted Estimates

Tennessee revenues exceeded budgeted estimates for September. Finance and Administration Commissioner Larry Martin Thursday reported that overall September revenues were $1.4 billion, which is $63.4 million more than September of last year and $53.3 million more than the budgeted estimate. The growth rate for September was 4.66 percent. "September sales tax receipts continue ... (click for more)

Chattanooga Police Investigating Shooting That Victim Says Happened A Week Ago

Chattanooga Police responded to a local hospital on Friday evening after a person arrived with a gunshot wound.   The injured man told police he was shot on Thursday, Oct. 11. He said he was shot while on the dance floor of a club somewhere along Brainerd Road.   If you have any information about the incident, call Chattanooga Police at 423-698-2525. You ... (click for more)

Charles Pipkens, Lajeromeney Brown Arrested In Series Of Violent Home Invasions In Which Robbers Posed As Police

Chattanooga Police have arrested Charles Dijon Pipkens and Lajeromeney Brown in connection with a series of violent home invasions in which the suspects told their victims they were Chattanooga Police officers.. Pipkens, 27, was charged in an Aug. 11 case and Brown, 40, in an incident on Sept. 19. Pipkens, of 434 N. Hickory St., is charged with two counts of aggravated kidnapping, ... (click for more)

Teach For America Raises Concerns

For the last several years, many groups, individuals and parties interested in preserving public education for our children have stood firm as a rampantly growing privatization movement has descended upon our local educational landscape.  We saw last year the Department of Education push a plan that would form a partnership zone which could potentially lead to schools in the ... (click for more)

Roy Exum: Inequality & The Left

The story is told about a liberal politician who was getting a room full of snowflakes all heated up over equity and equality, which is big with the political Left right now. One of his handlers finally got the chance and whispered in his ear, “Use ‘fairness’ instead! That’s what sells … “ Afterwards a newspaper column read, “The liberals love fairness because it cannot be measured. ... (click for more)