NASHVILLE, Tenn. – Tennessee revenues for November slightly exceeded revenues for the same month last year. Finance and Administration Commissioner Larry Martin today reported that revenues for November were $907.0 million, which is 0.48% more than November 2015, and $6.8 million in excess of the budgeted estimate. November revenues represent consumer spending which occurred in October.
“Our sales tax revenues recorded relatively moderate growth for November, ” Martin said. “Franchise and excise taxes recorded negative growth for the month which is not alarming since November is a very small collection month for corporate revenues.”
On an accrual basis, November is the fourth month in the 2016-2017 fiscal year.
General fund revenues for November were $7.7 million less than the budgeted estimate, and the four other funds that share in state tax revenues were $14.5 more than the budgeted estimate.
Sales tax revenues were $27.8 million more than the estimate for November. The November growth rate was 3.53%. The year-to-date growth rate was 3.67%.
Franchise and excise combined revenues for November were $10.7 million, which is $40.6 million less than the budgeted estimate of $51.3 million. The growth rate for November was negative 73.95%. The year-to-date growth rate was 6.67%.
Gasoline and motor fuel revenues increased by 9.46% and they were $10.5 million more than the budgeted estimate of $73.0 million.
Motor Vehicle Registration revenues increased by 4.43% and they were $2.5 million more than the November estimate.
Tobacco tax revenues for the month were $1.5 million more than the budgeted estimate.
Privilege tax revenues were $1.2 million more than the budgeted estimate of $23.8 million.
Inheritance and Estate taxes were $0.6 million more than the November estimate.
Business tax revenues were $0.8 million more than the November estimate.
Hall income taxes were $1.9 million more than the November estimate.
All other tax revenues exceeded estimates by a net of $0.6 million.
Year-to-date revenues for four months were $205.4 million more than the budgeted estimate. The general fund was over estimates by $176.2 million and the four other funds that share in state tax revenues exceeded estimates by $29.2 million.
The budgeted revenue estimates for 2016-2017 are based on the State Funding Board’s consensus recommendation of November 23, 2015 and adopted by the second session of the 109th General Assembly in April 2016. Also incorporated in the estimates are any changes in revenue enacted during the 2016 session of the General Assembly. These estimates are available on the state’s website at http://www.tn.gov/finance/article/fa-budget-rev.