Tennessee revenues exceed forecasts in August
NASHVILLE, Tenn. (AP) — Tennessee officials say tax revenues for the first month of the state’s fiscal year came in nearly 3 percent higher, or $34.4 million higher than originally projected.
According to the Department of Finance and Administration on Wednesday, Tennessee’s overall August revenues were $1.05 billion — which is $71.5 million more than last August.
In Tennessee, August is the first month in the 2018-2019 fiscal year due to how the state budgets its sales and use tax revenue. Those funds are the state’s main source of revenue.
In total, the state collected $762.3 million in sales and use taxes for August or about $18 million more than originally projected.
Finance and Administration Commissioner Larry Martin says August’s numbers demonstrates the continuing strength of the state’s economy.