Tennessee hauls in $925M more in fiscal year taxes than expected
NASHVILLE — Tennessee tax revenue for the fiscal year ending July 1 were $925 million more than anticipated when the 2015-16 budget was adopted, according to Department of Finance and Administration figures released last week.
The figures take into account revenue received by the state during July, which comes from taxable activity — including retail sales — that occurred during June. The July collections were actually down a bit from most prior months, just $13.8 million above budgeted estimates, said Finance Commissioner Larry Martin in a news release.
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The 2016-17 state budget adopted by the Legislature in April, spends about $375 million of the surplus that had been accumulated at the time. That leaves about $550 million in surplus funds to be spent in the fiscal 2017-18 budget that will be proposed by Gov. Bill Haslam for adoption during the 2017 legislative session.
The complete article is at http://www.knoxnews.com/news/state/tenn-hauls-in-925m-more-in-fiscal-year-taxes-than-expected-3a0ba7f1-5681-684f-e053-0100007f6ea0-390127921.html .