State Financial Number For November Show Continued Growth

Financial numbers for the state of Tennessee for the month of November were released on Monday and they show the growth trend in the state continuing. Department of Finance and Administration Commissioner Butch Eley said that overall November state revenues were $1.4 billion, which is 21.73 percent more than November 2020 and $286.5 million more than the budgeted estimate for the month. Sales tax revenues for November were $182.3 million more than estimated. The November growth rate was 17.62 percent….while the year-to-date growth rate is now nearing 20%. All revenues were up for the month of November with the exception of motor vehicle registrations which were down by almost 4 1/2 percent.

General fund revenues for November were $266.4 million more than the budgeted estimate, and the four other funds that share in state tax revenues were $20.1 million more than the budgeted estimate. Gasoline and motor fuel revenues increased 4.34 percent compared to last November and were $4 million more than the budgeted estimate of $101.1 million. Year-to-date revenues are $14.1 million higher than estimated. Mixed drink, or liquor-by-the-drink, taxes were $7 million more than the November estimate, and on a year-to-date basis, revenues are $13.6 million more than the estimate.

Commissoner Eley stated that the state continues to be encouraged by the strong sales and corporate tax growth that were exhibited during the month of November.