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VOL. 123 | NO. 27 | Friday, February 8, 2008

Fall in Jan. Revenues Result Of Sales Tax Drop

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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 This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 344 19,573
MORTGAGES 110 422 22,914
FORECLOSURE NOTICES 2 8,305 8,305
BUILDING PERMITS 207 838 40,029
BANKRUPTCIES 60 356 13,104
BUSINESS LICENSES 21 194 6,137
UTILITY CONNECTIONS 30 147 12,996
MARRIAGE LICENSES 15 65 4,842

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