State Of Tennessee Revenues Down For October

Revenues were down for the state of Tennessee during the month of October. Numbers were released earlier today and according to Tennessee Department of Finance and Administration Commissioner Jim Bryson, overall October revenues were $1.48 billion, which is $50.0 million less that October of last year and $62.1 million less than the the budgeted estimate. Part of the reason was sales tax collections were slightly lower in October than the previous year, as October’s sales tax collections reflect September consumer spending. In September, the state was in the middle of a sales tax holiday on groceries. Most revenue categories saw a negative growth rate, but franchise and excise taxes really continued to lag in October with a growth rate of negative 26%. Gasoline tax revenues along with privilege and tobacco tax revenues were also down. Business and liquor buy the drink tax revenues were up in October. Motor Vehicle registration fees were much higher than last year, as in October 2022, registration fees were waived.

Year-to-date revenues for the first three months of the 2023-24 fiscal year were $108.9 million less than the budgeted estimates. The growth rate in October was a negative 3.33%