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Tennessee Revenues Show Improvement, But Still Short

Tennessee Revenues Show Improvement, But Still Short

CREATED Apr 15, 2014

NASHVILLE, Tenn. (AP) - Tennessee revenue collections are showing signs of improvement, but are still well below expectations.

The state's general fund collections came in $4 million short of projections in March, which reflects economic activity in the previous month.

Corporate franchise and excise taxes were $12 million below the budgeted estimate for the month, though sales taxes exceeded expectations by $9 million.

Through the first eight months of the budget year, general fund collections have come up $264 million short of projections. The poor revenue collections led the Republican-controlled Legislature to cancel planned raises for teachers and state employees in the state's $32.4 billion annual budget plan passed last week.

(Copyright 2014 by The Associated Press. All Rights Reserved.)