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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 This material may not be published, broadcast, rewritten or redistributed.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 85 296 9,112
MORTGAGES 100 394 12,246
FORECLOSURE NOTICES 21 98 2,526
BUILDING PERMITS 423 960 20,801
BANKRUPTCIES 66 261 7,887
BUSINESS LICENSES 19 77 3,301
UTILITY CONNECTIONS 164 515 11,538
MARRIAGE LICENSES 21 114 2,782

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