Wary of economic downturn, state panel sets lowball revenue projections for Tennessee Gov. Lee's upcoming budget

Tennessee Gov. Bill Lee is expected to have projected new general fund revenues of between $354 million and $408 million as the Republican builds the fiscal year 2020-2021 spending plan he will submit to Tennessee lawmakers in January.

NASHVILLE - Tennessee Gov. Bill Lee is expected to have projected new general fund revenues of between $354 million and $408 million as the Republican builds the fiscal year 2020-2021 spending plan he will submit to Tennessee lawmakers in January.

That's per edict of the State Funding Board, which met Tuesday to set revenue estimates for the remainder of fiscal year 2020 as well as FY 2021 budget that takes effect July 1.

The general fund accounts for most Tennessee government expenditures, funding programs ranging from the state's share of K-12 education funding to economic and community development as well as running state prisons and paying troopers to police state highways.

The overall general fund this year is $34.6 billion of which $15.86 billion is state funding with the remainder coming from the federal government and other sources.