Tennessee general fund revenues beat projections by $8.4M
NASHVILLE, Tenn. (AP) – Tennessee’s general fund tax collections were $8.4 million above projections in February, bringing the state’s surplus revenues to $491 million through the first seven months of the budget year.
Sales tax collections came in at $33 million above estimates during the month, which reflects economic activity in January. But corporate franchise and excise taxes were nearly $17 million below projections.
Sales tax collections reflect a 6.5 percent growth compared with the month a year ago, and a 4 percent growth rate since the beginning of the budget year in July.
Fuel taxes, which are largely dedicated to road and bridge funding, dropped 8 percent compared with the previous February and were $1.7 million below budgeted estimates. But gas tax collections have beaten estimates by $27 million this year to date.