NASHVILLE, Tenn. (AP) - Tennessee Finance Commissioner Larry Martin says the state’s overall revenue collections in August were $28.5 million more than expected.
August is the first month in the 2015-2016 fiscal year. For 2014-2015, the state collected an additional $378 million above what had already been budgeted.
In August, the state’s general fund tax collections were $10.6 million higher than projected.
Sales tax grew 8.3 percent in August, $39.7 million more than expected.
However, franchise and excise taxes combined were $26.6 million below the budgeted estimate of $38.4 million. Martin attributed the shortfall mostly to refunds of prepaid taxes.
He says the August revenue numbers are encouraging, but there are concerns about global economic uncertainty and what effect further decline in the European and Asian markets will have in Tennessee.
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