Larry B. MartinNASHVILLE – Tennessee’s 2016-2017 fiscal year revenue is soaring with collections now $154.6 million more than expected during the budget year’s first two months, according to Finance Commissioner Larry Martin’s office.
Figures for Tennessee’s September tax and fee collections alone show revenue exceeding monthly budget estimates by $116.6 million. That’s on top of August’s $38 million monthly “over collection.”
With that kind of blazing start, the Haslam administration is now trying to throw a wet blanket on expectations.
“While we are encouraged by the September revenue numbers, we do have some concerns about the sustainability of our [business] franchise and excise tax growth for the balance of this year,” Commissioner Martin said in a news release.
The overall growth rate for September was 6.38 percent.