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Tennessee Dec. Tax Revenues Exceed Projection
Tennessee revenue collections for December came in stronger than the same month a year before. Finance and Administration Commissioner Mark Emkes reported today that state revenue collections for December were $982.2 million, which is 1.71% above December 2011. December sales tax collections represent consumer spending that occurred in November.
“Total revenues in December were higher than expected due to over collections in the sales and corporate tax categories,” Emkes said. “We believe the December sales tax growth rate, which includes ‘Black Friday’ and after-Thanksgiving sales, may reflect renewed consumer confidence, but January’s report will give us a fuller picture with Christmas retail activity.
“Because of anticipated requirements for Fiscal Year 2014, we will closely monitor our spending for the balance of this year, working closely with the Legislature in order to end this year with a balanced budget.”
On an accrual basis, December is the fifth month in the 2012-2013 fiscal year.
December collections were $22.0 million more than the budgeted estimate. The general fund was over collected by $24.8 million and the four other funds were under collected by $2.8 million.
Sales tax collections were $11.7 million more than the estimate for December. The December growth rate was 5.01%. For five months revenues are under collected by $18.3 million, and the year-to-date growth rate is 2.51%.
Franchise and excise taxes combined were $12.6 million above the budgeted estimate of $230.4 million. For five months revenues are over collected by $91.4 million.
Gasoline and motor fuel collections for December decreased by 7.52% and they were $3.4 million below the budgeted estimate of $66.1 million. For five months revenues are under collected by $11.8 million.
Tobacco tax collections were $2.2 million below the budgeted estimate of $24.9 million, and for five months they are $6.7 million below the budgeted estimate.
Privilege tax collections were $3.8 million more than the budgeted estimate of $14.5 million. Year-to-date collections for five months are $10.8 million above the budgeted estimate.
Inheritance and estate taxes were under collected by $1.6 million for the month. For five months collections are $4.4 million above the budgeted estimate.
All other taxes were over collected by a net of $1.1 million.
Year-to-date collections for five months were $73.6 million more than the budgeted estimate. The general fund was over collected by $84.1 million and the four other funds were under collected by $10.5 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.
The State Funding Board met on December 14, 2012 to hear updated revenue projections from the state’s various economists. The board met again on December 19 and adopted revised revenue ranges for 2012-2013. The revised ranges assume an over collection from the July 2012 budgeted estimate in the amount of $203.0 million to $287.3 million in total taxes and in the amount of $224.2 million to $305.9 million in general fund taxes for the current fiscal year.
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Last Update on August 19, 2014 17:11 GMT
WASHINGTON (AP) -- U.S. consumer prices rose in July, at the slowest pace in five months.
The Labor Department says consumer prices edged up a seasonally adjusted 0.1 percent last month, after larger gains of 0.3 percent in June and 0.4 percent in May.
The July price restraint came from falling gasoline prices, which had surged in June. All energy prices were down 0.3 percent and this helped offset a 0.4 percent rise in food costs, which have been pushed up by adverse weather including a drought in California.
Over the past 12 months, consumer inflation is up 2 percent while inflation excluding food and energy is up 1.9 percent. Price gains around 2 percent are considered moderate and meet the 2 percent inflation target set by the Federal Reserve.
Analysts believe overall prices will moderate further in coming months, helped by moderation in energy costs.
WASHINGTON (AP) -- U.S. home construction rebounded in July, rising to the fastest pace in eight months and offering hope that housing has regained momentum after two months of declines.
The Commerce Department says construction increased 15.7 percent in July to a seasonally adjusted annual rate of 1.09 million homes. That was the fastest pace since November and followed declines of 4 percent in June and 7.4 percent in May.
Applications for building permits, considered a good sign of future activity, also showed strength in July, advancing 8.1 percent to an annual rate of 1.05 million, after declines of 3.1 percent in June and 5.1 percent in May.
The July rebound reflected strength in single-family home construction, which rose 8.3 percent, and in apartment construction, which was up 33 percent.
ATLANTA (AP) -- Home Depot's fiscal second-quarter net income increased 14 percent thanks to a rebound in its spring selling season.
Spring is the biggest season for home-improvement retailers, as homeowners and others work on their yards and gardens. While the season started off a bit cold and rainy, weather improved and shoppers headed out to stores to pick up supplies.
For the three months ended Aug. 3, Home Depot Inc. earned $2.05 billion, or $1.52 per share. A year earlier it earned $1.8 billion, or $1.24 per share.
Home Depot's stock gained $2.53, or 3 percent, to $86.12 before the market open.
Revenue climbed nearly 6 percent to $23.81 billion from $22.52 billion. This beat Wall Street's forecast of $23.57 billion.
CORAOPOLIS, Pa. (AP) -- Dick's Sporting Goods says its net income fell 17 percent in its fiscal second quarter, but its result still beat analysts' expectations and its shares rose in premarket trading.
The sporting goods retailer says it cut jobs in its golf business because of weaker demand for golf gear and services, but it doesn't say how many employees were let go.
The company says profit fell in the second quarter to $69.5 million from $84.2 million in the same quarter a year ago.
Earnings, adjusted for restructuring costs, came to 67 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 65 cents per share.
Shares of Dick's Sporting Goods rose 5.7 percent to $45.97 in premarket trading today.
FRAMINGHAM, Mass. (AP) -- TJX says its second-quarter net income climbed 8 percent as sales strengthened in the U.S. and abroad.
The results for the parent company of T.J. Maxx, Marshalls and other stores topped Wall Street's view. TJX also lifted its full-year earnings forecast, citing its better-than-expected second-quarter performance.
TJX earned $517.6 million for the period ended Aug. 2. That compares with $479.6 million a year earlier.
RECARO-CHILD SEAT RECALL
DETROIT (AP) -- Recaro is recalling more than 39,000 child safety seats because they can let a child's head move too far in a crash.
The recall covers ProSport model 385 seats made from June 16, 2010, to Jan. 31, 2013. The problem happens when the seats are installed with the lower latch anchors and without the top tether.
Recaro will notify owners and provide set of new instructions telling owners not to use the lower latch system with a child weighing 40 or more pounds. The company also will send a new instruction label for the seat.
The problem was discovered in testing by Recaro. The company says in documents sent to U.S. safety regulators that it cannot determine if the problem caused any injuries.
WASHINGTON (AP) -- Brita is recalling more than 242,000 children's water filter bottles because the bottle lid can break or crack, possibly causing serious cuts.
Brita has received 35 reports of lids breaking or cracking, but no injuries have been reported.
The recalled bottles are a violet bottle with Dora the Explorer, a pink bottle with Hello Kitty, a blue bottle with SpongeBob Square Pants and a green one with Teenage Mutant Ninja Turtles.
Each bottle has a Brita logo and white lid. And they're 6 inches tall and hold 15 ounces of liquid.
Consumers can return the bottles for a full refund. Information is at www.brita.com .
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