NASHVILLE – Tennessee government’s overall tax collections in July fell slightly short of budget estimates, but the state nonetheless still wrapped up Fiscal Year 2018-2019 with a $600 million-plus surplus.
Finance Commissioner Stuart McWhorter says while total revenues for the month rose $44.3 million over last year, the total $1.2 billion collected was nonetheless $13.1 million below July’s budgeted estimates.
It was a similar situation for the state’s general fund which supports most functions of Tennessee government except for a few areas including transportation spending. Budgeted estimates fell $9.2 million below July estimates. Four other funds collectively underperformed estimates by $3.9 million.
On an accrual basis, July is the final month in the state’s 2018-2019 fiscal year.
Stuart McWhorterSales tax collections, the main source of funding for Tennessee’s general fund, slowed down in July from last year’s hot pace but remained “slightly higher” than this year’s monthly estimate, McWhorter said.