(The Center Square) – Tennessee’s tax and fee collections were $593 million less than the state originally budgeted to receive for the fiscal year that ended with July collections but the state did exceed the revised forecast used in the budgeting process by nearly $207 million.
Tennessee collected $22.2 billion for the fiscal year, up $22.1 million from the year before.
The revised collection estimates were first heard and reviewed in November by Tennessee’s State Funding before before they were passed into law – lowering the estimates by nearly $800 million for the fiscal year – along with the state budget, signed by Gov. Bill Lee on May 15.
July tax collections were $1.7 billion, up $51.2 million from the year before.
“July total tax revenues grew more than expected in the final month of the fiscal year,” Tennessee Department of Finance and Administration Commissioner Jim Bryson said. “Sales tax receipts, motor vehicle registration fees, fuel tax, gross receipts taxes, and franchise and excise tax collections all contributed to the monthly revenue gains. “
Sales tax collections were up nearly 1% from last July but were 48.4% behind estimates. For the fiscal year, collections were $187.3 million less than estimated.
The annual total could still be adjusted as the state audits the numbers in its accrual accounting adjustments.
