NASHVILLE – With November sales showing Tennessee tax revenues continuing their recovery, the State Funding Board today agreed to a request by incoming Gov. Bill Haslam’s administration to delay revenue estimates for the upcoming year until next month.
“His transition team has requested that we do that,” said Comptroller Justin Wilson, who like Haslam is a Republican.
Year-to-date collections for the past five months show revenues exceeded budgeted estimates by $98.9 million. The general fund topped estimates by $78.4 million and the other four funds were over estimates by $20.5 million.
Earlier, Mike Morrow, an appointee of outgoing Democratic Gov. Phil Bredesen, noted that every incoming administration beginning with Republican Gov. Don Sundquist in 1995 has been allowed a delay in estimates.
“The importance of delaying action on the adoption of the revenue ranges until February is that January collections will include Christmas holiday sales tax activity that occured in December,” Morrow said.