NASHVILLE — Tennessee’s tax collections in October fell below budgeted estimates for the third straight month this fiscal year, state officials announced today.
October collections, which reflect September spending, were $31.7 million less than the budgeted estimate, according to the Department of Finance and Administration. Year-to date collections for fiscal year 2009-2010 show revenues running $101.3 million less than the budgeted estimate.
The general fund, which provides dollars in areas ranging from K-12 education to prisons, ran $88.2 million below projections while the four other funds were under collected by $13.1 million.
“October is the 17th consecutive month in which sales tax collections have experienced negative growth,” Finance Commissioner Dave Goetz said in a news release. “We are extremely concerned with the year-to-date negative growth in our tax collections, but we are committed to keeping the state's budget in balance in a responsible manner during this extraordinary national economic downturn."
For complete details, see tomorrow's Times Free Press.
Andy Sher is a Nashville-based staff writer covering Tennessee state government and politics for the Times Free Press. A Washington correspondent from 1999-2005 for the Times Free Press, Andy previously headed up state Capitol coverage for The Chattanooga Times, worked as a state Capitol reporter for The Nashville Banner and was a contributor to The Tennessee Journal, among other publications. Andy worked for 17 years at The Chattanooga Times covering police, health care, county government, ...
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