Tennessee Department of Finance and Administration Commissioner Butch Eley announced last week that Tennessee tax revenues exceeded budgeted estimates in October. Overall October revenues were $1.2 billion, which is $38.2 million more than October of last year and $134.8 million more than the budgeted estimate. The growth rate for October was 3.39%.
“Tennessee’s economy continues to recover as October’s monthly revenue growth exceeds expectations,” Eley said. “We are pleased to see growth over three% from the same month last year. Sales tax revenues were $110.6 million more than the estimate for October and the October growth rate was 5.81% with year-to-date growth rate of 3.73%.
“Even though we are presently exceeding expectations, we will continue to proceed cautiously and closely monitor our revenue and expenditure patterns for the remainder of the fiscal year.”
Trousdale County collected $316,727.14 in state sales tax and $133,735.08 in local option sales tax in October. Both were up respectively from $291,091.97 (up 8.8%) and $106,205.70 (up 25.9%) in October 2019.
Trousdale County also took in $3,467.19 in income tax, $34,348.25 in motor vehicle tax, $38,196.71 in realty transfer & mortgage tax and $793.34 in business tax during October.
On an accrual basis, October is the third month in the 2020-2021 fiscal year.
General fund revenues for October were $125.2 million more than the budgeted estimate, and the four other funds that share in state tax revenues were $9.6 million more than the budgeted estimates.
All other tax revenues were less than estimates by a net of $1.3 million.
Year-to-date revenues for three months are $447.4 million more than the budgeted estimate. The general fund has exceeded estimates by $433.2 million and the four other funds that share in state tax revenues exceeded estimates by $14.2 million.
— Staff Reports