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NASHVILLE (AP) — Tennessee officials announced Wednesday that September revenues once again came in higher than state projections, but warned that possible declines could be on the horizon.
The Tennessee Department of Finance & Administration said last month’s revenues of $1.6 billion also was higher than the state’s September 2019 performance by about $23 million.
Finance Commissioner Butch Eley said this is the second month in a row where tax revenues were higher than originally estimated. However, Eley says the boost is largely due to Tennesseans receiving stimulus funding, which is declining soon.
“Corporate tax receipts, reported as franchise and excise taxes, also remain flat compared to 2019; however, gasoline and motor fuel taxes have declined by 5.6 percent, indicating the decline in demand for business and leisure travel,” Eley said in a statement.
September marked the second month on an accrual basis of the fiscal year for Tennessee.