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VOL. 127 | NO. 136 | Friday, July 13, 2012

Ramsey: State Revenue Surplus Should Stay in Bank

LUCAS L. JOHNSON II | Associated Press

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NASHVILLE, Tenn. (AP) — Senate Speaker Ron Ramsey says the state's revenue surplus of more than a half-billion dollars should stay in the bank despite calls from Democrats to use it to offset tuition costs.

The Blountville Republican spoke to reporters following a meeting at the Legislative Plaza on Thursday. He says it's bad policy to spend the money at this time because of future costs that may arise, such as expenses resulting from the new federal health care law.

State Finance Commissioner Mark Emkes announced Wednesday that tax collections came in at $130 million above estimates in June, which brought the year-to-date surplus to $540 million.

Last month, the University of Tennessee Board of Trustees and the Tennessee Board of Regents voted for tuition and fee increases of as much as 8 percent for the fall.

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 This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 64 324 13,221
MORTGAGES 107 477 17,235
FORECLOSURE NOTICES 2 64 3,362
BUILDING PERMITS 0 366 30,930
BANKRUPTCIES 67 276 12,619
BUSINESS LICENSES 22 87 4,576
UTILITY CONNECTIONS 71 487 19,380
MARRIAGE LICENSES 28 122 4,031

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