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.
More Business News
Last Update on April 21, 2015 07:26 GMT
THE DAY AHEAD
WASHINGTON (AP) -- State unemployment figures are due to be released this morning. DuPont is set to release its first quarter financial results before the market opens today. Among the companies releasing their quarterly results after the closing bell are Amgen Inc., Discover Financial Services, Yahoo Inc. and Yum Brands.
Secretary of State John Kerry, Energy Secretary Ernest Moniz and Transportation Secretary Anthony Foxx are among US and Latin American officials meeting at the State Department for the Washington Conference on the Americas.
BRENHAM, Texas (AP) -- Texas-based Blue Bell Creameries is recalling all of its products on the market after two samplings of chocolate chip cookie dough ice cream tested positive for listeriosis.
Blue Bell's chief executive Paul Kruse said in a statement last night that the company "can't say with certainty" how the bacteria was introduced to the manufacturing line.
The company last month issued its first recall after ice cream contaminated with listeriosis was linked to three deaths at a Kansas hospital. Five others in Kansas and Texas were sickened with the disease.
The foodborne illness was tracked to a production line in Brenham, Texas, and later to a second line in Broken Arrow, Oklahoma.
The recall extends to retail outlets in 23 states and internationally.
BISTATE SAGE GROUSE
RENO, Nev. (AP) -- Interior Secretary Sally Jewell plans to announce today whether she will move forward with the U.S. Fish and Wildlife Service's earlier proposal to order federal protection for a type of sage grouse found only in California and Nevada.
Jewell plans a formal announcement on a listing decision for the bistate sage grouse in Reno this afternoon. It comes months before a more-sweeping decision is due Sept. 30 on whether to declare the greater sage grouse threatened or endangered in 11 western states.
The Fish and Wildlife Service proposed the bistate subspecies be declared threatened along the Sierra's eastern front in 2013. State and federal officials have been working with ranchers and others since then try to head off a listing with voluntary efforts to restore the bird's critical habitat.
WASHINGTON (AP) -- President Barack Obama has invited Democratic and Republican lawmakers to the White House for a reception thanking them for their work on legislation permanently changing how Medicare pays doctors.
The event will be held today in the Rose Garden. Obama signed the legislation on Friday, marking a rare bipartisan achievement and ending years of last-minute fixes. Obama said then that he wanted to act quickly without ceremony to allow for the new payments. He said he would have lawmakers to the White House this week.
The bill overhauls a 1997 law that aimed to slow Medicare's growth by limiting reimbursements to doctors. Instead, doctors threatened to leave the Medicare program, and that forced Congress repeatedly to block those reductions.
DES MOINES, Iowa (AP) -- The U.S. Department of Agriculture says the bird flu virus has been found at a farm holding nearly 10 percent of Iowa's egg-laying chickens.
The confirmation of the highly infectious and deadly H5N2 virus means up to 5.3 million hens must be destroyed at the farm in northwest Iowa's Osceola County.
Iowa is home to roughly 59 million hens that lay nearly 1 in every 5 eggs consumed in the country.
It's the first chicken farm in Iowa to be affected by the virus, which was confirmed at a turkey farm in the state last week.
Several Midwestern states have been affected by the outbreaks, costing poultry producers nearly 7.8 million birds since March.
The latest farm experienced a high number of chicken deaths and sent samples to labs.
NEW YORK (AP) -- Hormel says it will sell less turkey this year because of a spreading bird flu outbreak.
Farmers have been forced to kill more than 2.4 million turkeys since March. Most of the birds were in Minnesota, where Hormel is based. The company says it is experiencing significant supply chain problems, but expects outbreaks to decrease as the weather gets better.
Hormel Foods Corp. said yesterday that it can't comment on how turkey prices or the Thanksgiving turkey season will be affected because of its upcoming second-quarter report.
According to a Jennie-O Turkey store website, the highly contagious H5N2 strain of avian flu has hit 17 flocks owned or processed by the company, including flocks being raised by contractors or independent farmers.
It's been found in turkey flocks in six states.
TRUCK TIRE DANGER
DETROIT (AP) -- The nation's largest trucking industry group wants the government to get moving on a rule requiring speed-limiters on big rigs.
The American Trucking Associations proposed the limiters in 2006, but the rule has been stuck in the government bureaucracy.
The group says capping heavy truck speeds at 65 miles per hour would make the roads safer.
The call follows a story by The Associated Press last month revealing that most big truck tires aren't designed to go over 75 mph. Yet 14 states have speed limits of 75 or above. Texas, Wyoming, Utah and South Dakota have limits of 80 or higher.
Transportation Department documents show the rule has been stalled in Secretary Anthony Foxx's office since August.
Messages were left yesterday for a department spokesman.
NEW YORK (AP) -- The Post and Courier of Charleston, South Carolina, has won the Pulitzer Prize in public service for a series on domestic abuse in the state.
The Seattle Times won the award in breaking news for its digital coverage of a mudslide in Washington State that killed 43 people, and the New York Times won 3 Pulitzers for investigative reporting, international reporting and photography.
The awards, American journalism's highest honor, were announced yesterday.
The Pulitzers recognize various categories of reporting, photography and opinion writing, as well as editorial cartooning.
The prizes also honor drama, music and fiction and nonfiction books.
HOUSTON (AP) -- Halliburton has cut 9,000 jobs in about six months and is considering additional cost-cutting moves as falling oil prices reduce demand for its drilling help.
That's more than 10 percent of the Houston company's workforce.
Halliburton Co. executives disclosed the job cuts yesterday on a conference call with investors.
The company reported a loss of $643 million in the first quarter. Still, the results excluding write-downs and other one-time costs were better than expected.
Side RoadsTake a ride with Brian Smith to explore the unique people and places to be found along the Sideroads of the NewsChannel 9 viewing area.
The Good LifeCelebrating the events, adventures and activities that represent "The Good Life" in the NewsChannel 9 viewing area.
Closings and DelaysThese are the latest School and Business Closings reported to NewsChannel 9. If you see errors or need to add a school or business, call 423-757-7320.
Educator of the WeekNominate now for Educator Of The Week!
Deaf & Hard of HearingInformation provided to NewsChannel 9 by members of the Deaf and Hard of Hearing Community.
Sponsored EventsCheck Back Often for NewsChannel9 Sponsored Events!