Tennessee September Revenue Numbers Released

Tennessee revenue numbers are out for last month and they exceeded budgeted estimates for the month of September, continuing a trend for this year. Finance and Administration Commissioner Butch Eley reported Wednesday that September total tax revenues were $1.9 billion, which is $321.5 million more than September of 2020 and $378.1 million more than the budgeted estimate for a total growth rate of 20.28 percent. Sales tax numbers for the month were $144.9 million, spurred by back to school sales and online shopping. Year to date, sales tax revenues are up over 21% in the state. Gasoline and motor fuel sales revenue increased by nearly 10% in September with motor vehicle registrations outdoing estimates by $700,000. Overall, general fund revenues exceeded the budgeted estimates by nearly $363 million. September is technically the second month of the 2021-22 fiscal year. Year-to date revenues for the first two months of the fiscal year were $646 million more than the budgeted estimates.