October sales tax collections fall below estimates

October sales tax collections fall below estimates

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NASHVILLE (AP) - Tennessee Finance Commissioner Mark Emkes said the state's sales tax collections for October fell below budgeted estimates.

Emkes said Tuesday that October state revenue collections were $836.7 million. He said sales tax collections were $9.9 million less than the estimate for last month.

However, gasoline and motor fuel collections were $3.8 million above the budgeted estimate of $72.4 million.

Emkes said national economic indicators show the economy is very slow in its recovery, which is why he says the state needs to continue monitoring its spending and revenue patterns for the remainder of the year.

During budget hearings that ended this week, Gov. Bill Haslam asked state departments to develop plans for a 5 percent spending cut as a fallback.

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 This material may not be published, broadcast, rewritten or redistributed.

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