May Revenue Numbers Released For The State
May revenue numbers were released yesterday and while they show continued growth…there is a hint of a slow down. Tennessee Department of Finance and Administration Commissioner Butch Eley announced Tuesday that the growth trend continues in the state of Tennessee. Revenues for the month of May were $1.6 billion, which is $327.4 million more than the budgeted monthly revenue estimate. State tax revenues were $41.8 million more than May 2021 and the overall growth rate for the state was just over 2.6 percent. Eley says that while May tax revenues reflect an increase compared to this time last year, monthly growth was much lower for May compared to all other months that have been reported so far this fiscal year.
Gasoline and motor fuel revenues for May actually decreased by nearly 7 percent compared to May 2021, but they were still $300,000 more than the budgeted estimate. For the 10 month period of August 2021 through May 2022…the state still has a growth rate of almost 16 percent.