Trousdale County continued to see growth in its sales tax collections even as statewide numbers dropped in June, according to figures from the Tennessee Department of Finance and Administration.
Trousdale County collected $136,834.20 in local option sales tax in June, a 32.16% increase from $103,530.61 in June 2019. State sales tax collections were $318,918.84 in June, up 3.69% from $307,554.04 in the same period last year.
Trousdale also collected $8,792 in income tax, $35,536.80 in motor vehicle tax, $140,657.97 in realty transfer & mortgage tax and $19,127.75 in business tax during June.
Commissioner Butch Eley announced that statewide revenues for June were $1.5 billion, which was $12.5 million less than the budgeted monthly revenue estimate. State tax revenues were $29.8 million less than June 2019 and overall collections for the month represented a negative growth rate of 1.91%.
“Tennesseans are cautiously increasing business and consumer activities as we move forward in an unprecedented environment,” Eley said. “We anticipated a slow recovery from April, when everyone was staying at home, but it’s too early to identify any patterns in revenue collections. It should be noted that a sizable percentage of June revenue receipts are supported by a shift in tax burden from business, privilege and motor vehicle registration tax payments that were delayed to help provide support during the early phases of the pandemic. The state will not know the full impact of the pandemic on fiscal year 2020 until the close of the fiscal year next month when corporate tax and Hall income tax filings are due.
On an accrual basis, June is the 11th month in the 2019-2020 fiscal year. Year-to-date revenues for 11 months are $298 million less than the budget estimate.
The budgeted revenue estimates for 2019-2020 are based on the State Funding Board’s consensus recommendation of November 26, 2018, and adopted by the second session of the 111th General Assembly in April 2019. Also incorporated in the estimates are any changes in revenue enacted during the 2019 session of the General Assembly. These estimates are available on the state’s website at tn.gov/con tent/tn/finance/fa/fa-budget-in formation/fa-budget-rev.html.
On March 19, 2020 in the second session of the 111th General Assembly, the Legislature passed the 2019-2020 budget, which included the Funding Board’s current year revised ranges and also the administration’s amendment to the proposed budget. The administration’s amendment, in an effort to recognize the economic impact from the COVID-19 pandemic, included a reduction of $153.8 million of previously projected revenue to acknowledge potential shortfalls. The governor signed the appropriations bill on April 2, 2020.