July Revenues A Mixed Bag For The State

July revenue numbers have been released for the state of Tennessee and the state had an overall growth rate of nearly 3% from July of 2022. On Tuesday, Tennessee Department of Finance and Administration Commissioner Jim Bryson released a statement saying that July revenues were $1.65 billion, which is $153.5 million more than the budgeted estimate and $46.3 million more than the state received in July of last year. Bryson says that monthly gains were led by sales tax receipts reflecting June consumer activity and corporate tax payments. When combined, though all other tax revenues declined compared to July 2022. Among the taxes decreasing during July were gasoline, tobacco and privilege taxes. One tax revenue that saw an increase was motor vehicle registration. Revenues there could only go up as July of 2022 was the first month of the vehicle registration tax holiday. The waiving of vehicle registration fees ended on June 30.

Bryson says July was the final month in the 2022-2023 fiscal year. Final reported revenues will be subject to accrual accounting adjustments that may increase or decrease the recorded cash amounts on an audited basis. For the fiscal year, revenues were $2.5 billion more than the budgeted estimate. The general fund recorded $2.3 billion more than budgeted.