Tennessee general fund collections fall $6M short

Tennessee general fund collections fall $6M short


NASHVILLE (AP) - Tennessee's tax collections have fallen short of projections in the first month of the budget year.

Finance Commissioner Mark Emkes said in a release Friday that the weak revenues reflect a slow economic recovery on the national level.

The state's total general fund collections for August were $660 million, or about $6 million less than budgeted. The August collections reflect economic activity in the previous month.

Sales taxes grew by just 1.1% during the month to $569 million, or nearly $16 million below expectations. But corporate franchise and excise taxes beat projections by $5 million.

Sales tax collections posted a 6.6% annual growth rate in the budget year that ended June 30, while corporate taxes grew by 22%.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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