Tennessee projects revenue growth between 2.7, 3.2 percent
NASHVILLE, Tenn. (AP) — Tennessee officials are projecting growth in general state revenue to range from 2.7 to 3.2 percent during the budget year that starts in July.
The State Funding Board approved the revenue estimates during a meeting Monday. The numbers will provide the framework for Republican Gov.-elect Bill Lee’s incoming administration to craft its first state spending plan.
The low- and high-end projections of 2.7 and 3.2 percent represent a difference of $184.7 million.
In presentations made to the State Funding Board last week, budget experts projected the state’s revenue growth could range from 2.7 percent to 3.7 percent in the upcoming year.
Analysts have said that while growth will slow, an economic recession is unlikely in the next year.