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VOL. 38 | NO. 20 | Friday, May 16, 2014
Tennessee revenue collections continue to improve
NASHVILLE (AP) — Tennessee revenue collections are continuing to show signs of improvement, with April figures exceeding expectations.
Finance Commissioner Larry Martin said in a news release on Thursday that overall revenues were $75 million more than the state budgeted for April, which reflects economic activity in the previous month.
The state's general fund exceeded expectations by $69.8 million.
Corporate franchise and excise taxes were $4.9 million above the budgeted estimate for the month, and sales taxes were $4.8 million more than expected.
The state has struggled with poor revenue collections, which led the Republican-controlled Legislature to cancel planned raises for teachers and state employees in the state's $32.4 billion annual budget plan passed last month.