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Tenn. Revenue Collections Up in March
Tennessee revenue collections continued to exceed budgeted expectations in March. Finance and Administration Commissioner Mark Emkes reported today that overall March revenues were $936.1 million, which is $33.1 million more than the state budgeted. Total tax collections in March were 2.2% above the previous year.
“March collections continued to reflect strong corporate profits from last year, but also reflect very modest retail activity for the month of February, when spending occurred,” Emkes said. “We believe the slowdown in retail spending reflects the two percent increase in the federal payroll tax in January and temporary erosion in consumer confidence, most likely brought about by the federal budget sequestration process.
“While year-to-date corporate tax collections remain very encouraging, we must remember that about a fourth of them typically – but not always - occur in the month of April. Due to the volatility of our corporate tax collections, we will be extremely diligent in monitoring our spending patterns for the remainder of this year, maintaining a balanced budget and financially posturing ourselves for the future.”
On an accrual basis, March is the eighth month in the 2012-2013 fiscal year.
The general fund was over collected by $35.4 million and the four other funds were under collected by $2.3 million.
Sales tax collections were $2.8 million less than the estimate for March. The March growth rate was positive 0.11%. For eight months revenues are under collected by $33.1 million. The year-to-date growth rate for eight months was positive 1.77%.
Franchise and excise taxes combined were $42.7 million above the budgeted estimate of $168.8 million. For eight months revenues are over collected by $156.5 million. The year-to-date growth rate for eight months was positive 9.12%.
Gasoline and motor fuel collections for March increased by 0.75% and were $0.2 million above the budgeted estimate. For eight months revenues are under collected by $15.2 million.
Tobacco taxes collections were $5.9 million under the budgeted estimate of $24.7 million. For eight months revenues are under collected in the amount of $10.7 million.
Inheritance and estate taxes were over collected by $2.2 million for the month. Year to date collections for eight months are $12.8 million more than the budgeted estimate.
Privilege tax collections were $2.2 million more than the March estimate, and on a year to date basis, August through March, collections are $17.8 million above the estimate.
All other taxes were under collected by a net of $5.5 million.
Year-to-date collections for eight months were $127.1 million more than the budgeted estimate. The general fund was over collected by $141.6 million and the four other funds were under collected by $14.5 million.
The budgeted revenue estimates for 2012-2013 are based on the State Funding Board’s consensus recommendation of December 19th, 2011 and adopted by the second session of the 107th General Assembly in April 2012. They are available on the state’s website at http://www.tn.gov/finance/bud/budget.html.
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Last Update on July 28, 2014 07:39 GMT
BEIJING (AP) -- Asian stock markets are mostly higher today, shrugging off jitters about stiffer Western sanctions against Russia, after China reported strong corporate profits.
China's benchmark Shanghai Composite Index surged 2.4 percent to 2,178.50. Tokyo's Nikkei 225 added 0.4 percent to 15,512.95 and Hong Kong's Hang Seng was up 1 percent at 24,466.96. South Korea's Kospi gained 0.8 percent to 2,050.19. Sydney's S&P/ASX 200 bucked the regional trend and was flat at 5,583.90.
Profits at China's industrial enterprises soared 17.9 percent in June over a year earlier, the government reported. For the first half of the year, profits were up 11.4 percent, a new high for that period.
The price of oil fell a little, with benchmark U.S. crude for September delivery down 33 cents at $101.76 a barrel.
WASHINGTON (AP) -- A busy week of economic data and corporate earnings reports will be capped off Friday with the government's monthly jobs report.
But the first numbers come this morning when the National Association of Realtors releases its pending home sales index for June. Contracts to buy US homes were up 6.1 percent in May, the sharpest month-over-month gain in more than four years. However, the index remained below its level of a year ago.
On Tuesday, Standard & Poor's releases the S&P/Case-Shiller index of home prices for May, while the Conference Board releases its Consumer Confidence Index, and Federal Reserve policymakers begin a two-day meeting to set interest rates. That, of course, means attention will be focused on the Fed on Wednesday afternoon.
Wednesday morning, the Commerce Department releases its estimate of second-quarter gross domestic product.
Thursday, the Labor Department releases the second-quarter employment cost index and its weekly report on weekly jobless claims, while Freddie Mac releases weekly mortgage rates.
The Labor Department releases employment data for July on Friday, while the Commerce Department releases personal income and spending for June and construction spending. Also Friday, the Institute for Supply Management releases its manufacturing index for July.
On the corporate earnings front, 17 major U.S. companies release quarterly financial results this week. Monday is quiet, but eight companies report on Tuesday, including Aetna, Merck, Pfizer, Reynolds American and UPS before the market opens.
CAMARILLO, Calif. (AP) -- A national survey finds the average U.S. price of regular-grade gasoline has plummeted 9 cents a gallon over the past two weeks to $3.58.
That's the largest drop this year.
Industry analyst Trilby Lundberg said Sunday the decrease came despite a rise in crude-oil prices.
Lundberg says U.S. refiners, enjoying plentiful supplies, aggressively cut wholesale prices to chase sales.
Midgrade averages were $3.78, and premium averages were $3.93.
The U.S. average retail diesel price is down 4 cents per gallon, to $3.90.
The lowest average price Lundberg found in the lower 48 states was $3.23 in Tulsa, Oklahoma. The highest was $4.03 in San Francisco.
The lowest average price in California was $3.86 in Sacramento.
NEW YORK (AP) -- Nissan is recalling more than 226,000 additional vehicles over a defective air bag that has affected much of the global auto industry.
The National Highway Traffic Safety Administration said Saturday that Nissan North America Inc. is recalling certain lines of its Infiniti, Maxima, Pathfinder and Sentra cars for the model years 2002 to 2004.
It had previously announced a recall of more than 438,000 vehicles.
The move is prompted by faulty air bags that have been blamed for the recall of millions of cars in recent years, including those made by BMW, Chrysler, Ford, Honda, Mazda and Toyota.
The air bags systems were made by Tokyo-based Takata Corp. The air bag inflators can rupture, causing metal fragments to fly out when the air bags are deployed. That can potentially cause serious injuries.
FAST FOOD WORKERS-CONVENTION
VILLA PARK, Ill. (AP) -- Fast food workers from across the country have voted in suburban Chicago to escalate their campaign for higher wages and union representation by including civil disobedience.
More than 1,300 workers gathered Saturday in Villa Park, Illinois. They voted to add sit-down strikes and restaurant occupations to their campaign to win $15-an-hour wages and a union.
Industry officials say a $15-an-hour wage would hurt job creation, and that the solution is more education and job training.
Cindy Enriquez said at the convention that the $8.25 she makes an hour at a McDonalds in Phoenix makes her dream of going to college impossible.
The workers' effort is supported by the Service Employees International Union.
Their actions so far have included one-day strikes and a protest outside this year's McDonald's Corp. shareholder meeting.
NEW YORK (AP) -- Argentina's negotiations with creditors to resolve a dispute over $1.5 billion in unpaid debts remained deadlocked.
Argentina will default for the second time in 13 years if it's unable to reach a deal with the U.S. hedge funds before July 30.
The debt mediator in the dispute met with Argentine officials Friday. But Daniel Pollack says there has been no progress.
Pollack also said the Argentine mission is returning to Buenos Aires Friday night, but he expects more talks before the deadline.
Following a U.S. judge's order, Argentina can't pay investors who accepted lower-valued bonds after its record $100 billion default in 2001 unless it also pays off bondholders who didn't participate in previous bond swaps.
The holdouts accuse Argentina of refusing to negotiate to avert the default.
ATLANTIC CITY, N.J. (AP) -- The federal government is planning to use sound blasting to conduct research on the ocean floor along most of the East Coast, using technology similar to that which spawned a court battle between environmentalists and researchers in New Jersey this summer.
The U.S. Geological Survey plans this summer and next to map the outer limits of the continental shelf, and also study underwater landslides that would help predict where and when tsunamis might occur.
But environmentalists say it could cause the same type of damage to marine life they fought unsuccessfully to prevent this month off the coast of New Jersey.
Cindy Zipf of Clean Ocean Action says the new plan would blast the ocean at floor 236 to 265 decibels every 20 to 24 seconds for 17 days.
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