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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 This material may not be published, broadcast, rewritten or redistributed.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 72 206 16,619
MORTGAGES 84 228 21,660
FORECLOSURE NOTICES 21 56 4,322
BUILDING PERMITS 0 209 39,587
BANKRUPTCIES 73 222 15,764
BUSINESS LICENSES 23 51 5,542
UTILITY CONNECTIONS 86 287 23,860
MARRIAGE LICENSES 21 72 5,107

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