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VOL. 127 | NO. 181 | Monday, September 17, 2012

Tennessee General Fund Collections Fall $6 Million Short

AP

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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 percent 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 percent annual growth rate in the budget year that ended June 30, while corporate taxes grew by 22 percent.

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 This material may not be published, broadcast, rewritten or redistributed.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 86 313 4,762
MORTGAGES 97 409 6,640
FORECLOSURE NOTICES 34 147 1,475
BUILDING PERMITS 0 705 11,294
BANKRUPTCIES 53 311 4,525
BUSINESS LICENSES 41 177 1,983
UTILITY CONNECTIONS 64 436 6,253
MARRIAGE LICENSES 19 132 1,373

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