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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 This material may not be published, broadcast, rewritten or redistributed.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 41 41 17,762
MORTGAGES 70 70 23,138
FORECLOSURE NOTICES 1 1 4,519
BUILDING PERMITS 163 163 42,320
BANKRUPTCIES 50 50 16,741
BUSINESS LICENSES 14 14 5,795
UTILITY CONNECTIONS 113 113 25,287
MARRIAGE LICENSES 18 18 5,399

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