Tennessee officials say tax revenues for the first month of the state’s fiscal year came in nearly 3 percent higher, or $34.4 million higher than originally projected.
According to the Department of Finance and Administration on Wednesday, Tennessee’s overall August revenues were $1.05 billion – which is $71.5 million more than last August.
In Tennessee, August is the first month in the 2018-2019 fiscal year due to how the state budgets its sales and use tax revenue. Those funds are the state’s main source of revenue.
In total, the state collected $762.3 million in sales and use taxes for August or about $18 million more than originally projected.
Finance and Administration Commissioner Larry Martin says August’s numbers demonstrates the continuing strength of the state’s economy.
State Revenues Exceed Forecasts in August
Sep 21, 2018 | 5:00 AM