» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 123 | NO. 27 | Friday, February 08, 2008

Fall in Jan. Revenues Result Of Sales Tax Drop

Print | Front Page | Email this story | Comments ()

NASHVILLE (AP) - Tennessee's overall revenues fell $110,000 below projections in January, mainly because of a drop in sales tax collections.

"This is the first time in more than three decades that sales tax receipts for December dropped below the previous year, yielding a negative growth rate," Finance Commissioner Dave Goetz said Wednesday. "It confirms what retailers have already reported, that consumer spending was disappointing in December."

Goetz said that sales tax collections came in about $26.6 million below the budgeted estimate of $86.1 million for January.

However, franchise and excise taxes combined were $37.8 million above the budgeted estimate of $142.8 million, which Goetz said offset the drop in sales tax collections.

For the second straight month, there was a shortfall in the general fund. It was under- collected by $183.2 million in January, following a $51 million shortfall in December.

Tobacco tax collections were $3.3 million below the budgeted estimate of $26.5 million, and for six months they are $43.6 million under the budgeted estimate.

"We will manage our way through this," Goetz said.


Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 93 391 11,969
MORTGAGES 108 424 13,940
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 241 869 25,257
BANKRUPTCIES 63 245 8,117
BUSINESS LICENSES 30 132 4,086
UTILITY CONNECTIONS 42 251 8,826
MARRIAGE LICENSES 10 68 2,984

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.