Tennessee general fund revenues beat projections by $8.4M

(Photo: WKRN)

NASHVILLE, Tenn. (AP) – Tennessee’s general fund tax collections were $8.4 million above projections in February, bringing the state’s surplus revenues to $491 million through the first seven months of the budget year.

Sales tax collections came in at $33 million above estimates during the month, which reflects economic activity in January. But corporate franchise and excise taxes were nearly $17 million below projections.

Sales tax collections reflect a 6.5 percent growth compared with the month a year ago, and a 4 percent growth rate since the beginning of the budget year in July.

Fuel taxes, which are largely dedicated to road and bridge funding, dropped 8 percent compared with the previous February and were $1.7 million below budgeted estimates. But gas tax collections have beaten estimates by $27 million this year to date.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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