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VOL. 126 | NO. 159 | Tuesday, August 16, 2011

TN Finance Chief Says Budget Surplus to be Reserve

ERIK SCHELZIG | Associated Press

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NASHVILLE (AP) – Finance Commissioner Mark Emkes says Tennessee should hold on to a $28 million general fund surplus as a reserve against a potential downturn in state tax collections.

Emkes said in an interview with The Associated Press on Monday that he wants to guard against the impulse to spend the extra money on hand at the end of the last budget year in June.

Emkes, who is Republican Gov. Bill Haslam's chief Cabinet officer, says showing such restraint will help bolster the state's case for keeping its high credit ratings.

Emkes headed a delegation of state officials who met with ratings agencies Moody's and Fitch in New York last week. While the agencies didn't indicate whether they would change Tennessee's rating, Emkes said the state has a strong case to make.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 85 205 21,165
MORTGAGES 76 206 24,338
FORECLOSURE NOTICES 27 34 3,135
BUILDING PERMITS 183 321 43,755
BANKRUPTCIES 48 92 13,560
BUSINESS LICENSES 31 44 6,756
UTILITY CONNECTIONS 25 32 7,931
MARRIAGE LICENSES 22 41 4,775