No WhiteWash!

The link below is a good source to help you fight local tax hikes in Tennessee.

http://taxingtennessee.blogspot.com/2010/05/how-to-fight-local-tax-hikes-and-win.html

NASHVILLE – State revenue collections once again fell short of budgeted estimates last month. Overall February revenues were $638.9 million, which is $47.1 million less than the state budgeted.

“This entire fiscal year has brought us negative growth in the sales tax, which is almost two-thirds of our revenue,” Finance and Administration Commissioner Dave Goetz said. “Moreover, the running total is now 21 consecutive months of negative growth in sales tax collections since January 2008, when the downward economic spiral began for us in Tennessee.”

“In spite of the budgetary challenges, we have laid out a plan for balancing the budget and we’re working with the Legislature to end this year and the next with a balanced budget, as our constitution requires.”

On an accrual basis, February is the seventh month in the 2009-2010 fiscal year.

The general fund was under collected by $43.8 million and the four other funds were under collected by $3.3 million.

Sales tax collections were $38.4 million less than the estimate for February. The February growth rate was negative 6.67%. The year-to-date growth rate for seven months is negative 5.84%.

Franchise and excise taxes combined were $1.4 million above the budgeted estimate of $33.0 million. For seven months revenues are over collected by $7.4 million. The year-to-date growth rate for seven months is 8.32%.

Gasoline and motor fuel collections for February decreased by 3.86%, but were $180,000 above the budgeted estimate of $68.3 million. For seven months revenues are under collected by $13.9 million.

Tobacco tax collections were $4.0 million under the budgeted estimate of $23.1 million. For seven months revenues are over collected in the amount of $303,000.

Year-to-date collections for seven months were $232.4 million less than the budgeted estimate. The general fund was under collected by $196.3 million and the four other funds were under collected by $36.1 million.

The budgeted revenue estimates for 2009-2010 are based on the State Funding Board’s consensus recommendation adopted by the first session of the 106th General Assembly in May of 2009, and are available on the state’s Web site at http://www.tn.gov/finance/bud/budget.html.

The State Funding Board met again on December 18, 2009 and adopted revised revenue ranges for 2009-2010. The revised ranges reflect growth rates ranging from negative 1.50% to negative 0.25% in total taxes, and negative 2.35% to negative 0.85% in general fund taxes.

Based on the funding board’s consensus recommendation, the official budgeted estimates for 2009-2010 were revised in late December. The revised estimates are reflected on pages A-70 and A-72 in the 2010-2011 Budget Document. The revised estimates assume an under collection in total taxes in the amount of $161.3 million, and an under collection of $153.2 million in the general fund.

via February Revenues | TN.gov Newsroom.

NASHVILLE – Tennessee sales tax collections continue to be a concern for the state’s general fund. Negative growth in sales tax collections continued in January, with overall January revenues coming in at $947.4 million, which is $16.1 million less than the state budgeted.

“January is the 20th consecutive month in which sales taxes have recorded negative growth.” Finance and Administration Commissioner Dave Goetz said. “January collections represent December holiday sales, which brought reports of positive growth at the national level, so it’s very disappointing that we didn’t have a similar experience in Tennessee.

“Despite the severe national recession, the state will continue to monitor spending in order to end the fiscal year with a balanced budget as required by the state’s constitution,” Goetz said.

On an accrual basis, January is the sixth month in the 2009-2010 fiscal year.

The general fund was under collected by $5.2 million and the four other funds were under collected by $10.9 million.

Sales tax collections were $20.4 million less than the estimate for January.  The January growth rate was negative 1.86%. For six months revenues are under collected by $159.0 million. The year-to-date growth rate for six months was negative 5.72 %.

Franchise and excise taxes combined were $11.3 million above the budgeted estimate of $128.5 million. For six months revenues are over collected by $5.9 million.

Gasoline and motor fuel collections for January increased by 5.77 % but were $4.2 million below the budgeted estimate of $71.2 million.  For six months revenues are under collected by $14.1 million.

Tobacco tax collections were $451,000 above the budgeted estimate of $21.9 million, and for six months they are $4.3 million over the budgeted estimate.

Inheritance and estate taxes were over collected by $1.8 million for the month.

All other taxes were under collected by a net of $5.1 million.

Year-to-date collections for six months were $185.1 million less than the budgeted estimate. The general fund was under collected by $152.3 million and the four other funds were under collected by $32.8 million.

The budgeted revenue estimates for 2009-2010 are based on the State Funding Board’s consensus recommendation adopted by the first session of the 106th General Assembly in May of 2009, and are available on the state’s Web site at http//www.tn.gov/finance/bud/budget.html.

The State Funding Board met again on December 18, 2009 and adopted revised revenue ranges for 2009-2010. The revised ranges reflect growth rates ranging from -1.50 % to -0.25 % in total taxes, and -2.35 % to – 0.85% in general fund taxes.

Based on the funding board’s consensus recommendation, the official budgeted estimates for 2009-2010 were revised in late December. The revised estimates are reflected on pages A-70 and A-72 in the 2010-2011 Budget Document. The revised estimates assume an under collection in total taxes in the amount of $161.3 million, and an under collection of $153.2 million in the general fund.

View Revenue Collections

NASHVILLE – The state’s fiscal year continues its trend of negative tax revenue growth, with tax collections falling below budgeted estimates again in December. Finance and Administration Commissioner Dave Goetz today announced that state revenue collections for December – reflecting November retail sales activity – were $766.7 million, which is $54.2 million less than the state budgeted.

“December tax collections represent the 19th consecutive month of negative sales tax growth,” Goetz said. “At the end of the fiscal year, on June 30, we’ll have to adjust for any under collection in the current fiscal year, and make sure our budget for fiscal year 2010-2011 reflects the revenue base available moving forward.”

On an accrual basis, December is the fifth month in the 2009-2010 fiscal year.

The general fund was under collected by $50.8 million and the four other funds were under collected by $3.4 million.

Sales tax collections were $16.6 million less than the estimate for December.  The December growth rate was negative 2.88%. For five months revenues are under collected by $138.6 million, and the growth rate is negative 6.65%.

Franchise and excise taxes combined were $29.5 million below the budgeted estimate of $143.8 million. For five months revenues are under collected by $5.4 million.

Gasoline and motor fuel collections for December decreased by 2.70% and they were $4.3 million below the budgeted estimate of $66.7 million.  For five months revenues are under collected by $9.9 million.

Tobacco tax collections were $5.6 million below the budgeted estimate of $25.7 million, and for five months they are $3.8 million above the budgeted estimate.

Inheritance and estate taxes were over collected by $2.6 million for the month.

All other taxes were under collected by a net of $800,000.

Year-to-date collections for five months were $169 million less than the budgeted estimate. The general fund was under collected by $147.1 million and the four other funds were under collected by $21.9 million.

The budgeted revenue estimates for 2009-2010 are based on the State Funding Board’s consensus recommendation adopted by the second session of the 106th General Assembly in May of 2009. and are available on the state’s Web site at http//www.tn.gov/finance/bud/budget.html.

NASHVILLE – State tax collections fell below budgeted estimates in November, for the fourth consecutive month of the fiscal year that began on July 1, 2009. Finance & Administration Commissioner Dave Goetz today announced that state revenue collections for November were $708.2 million, which is 0.52% below November 2008 collections. November collections reflect consumer spending in October.

“November is the 18th consecutive month in which sales tax collections have experienced negative growth,” Goetz said. “If there’s a bright spot, it’s worth noting that the growth rate for sales tax collections in November, while still negative, fared slightly better than the month before, when it was negative 7.8 percent.”

“It’s important to remember we won’t see how after-Thanksgiving retail sales performed until this time next month, when we’ve collected revenues for November spending.”

On an accrual basis, November is the fourth month in the 2009-2010 fiscal year.

November collections were $13.5 million less than the budgeted estimate. The general fund was under collected by $8.1 million and the four other funds were under collected by $5.4 million.

Sales tax collections were $21.2 million less than the estimate for November. The November growth rate was negative 4.45%. Year-to-date the growth rate is negative 7.52%.

Franchise and excise combined collections for November were $42.3 million, which is $11.6 million above the budgeted estimate of $30.7 million.

Gasoline and motor fuel collections were $5.3 million less than the budgeted estimate of $72.5 million.

Tobacco tax collections for the month were over collected by $4.3, with November collections at $27.8 million.

Inheritance and Estate taxes were under collected by $3.7 million for the month.

All other taxes were over collected by a net of $600,000.

Year-to date collections for four months were $114.8 million less than the budgeted estimate. The general fund was under collected by $96.3 million and the four other funds were under collected by $18.5 million.

The budgeted revenue estimates for 2009-2010 are based on the State Funding Board’s consensus recommendation adopted by the first session of the 106th General Assembly in May of 2009, and are available on the state’s Web site at http//www.tn.gov/finance/bud/budget.html.

via November Revenues | TN.gov Newsroom.

Middle Tennessee State University has done a great job analyzing the housing market in Tennessee for the 3th quarter, 2009.  In the link below they give data on employment, permits, repeat sales, mortgage tax collections, transfer tax collections, foreclosures, and inventory.

Economic activity contracted again for Tennessee’s economy in the third quarter as aggregate measures of employment continued
to decline and the unemployment rate rose (Table 1).  Nonfarm employment declined more than in previous quarters, with much of the decline centered in manufacturing and construction.

The unemployment rate rose slightly to 10.7 percent from 10.5 percent in the second quarter, but the small increase should not be considered a sign of improvement because total employment continued to drop. The unemployment rate did not rise much because thousands of persons without work stopped searching for employment, shrinking the labor force at least temporarily. 

New claims for unemployment insurance continued to decline in the third quarter but at a slower pace compared with earlier this year (Figure 1). The four-week moving average dropped to 10,031 during the final week of October, the lowest rate since November 2008. Falling initial claims signal that fewer layoffs are occurring, helping to reduce the upward pressure on the unemployment rate. Sustained improvements in the unemployment rate will require more than just fewer layoffs, however; net job creation is needed.

Housing construction and sales provided one of the few positive contributions for the Tennessee economy, but these gains may be tenuous. Sustainable growth in the housing market will require growth of employment and payrolls, both of which appear distant at present.

Read more via  Tennessee Housing Market

NASHVILLE – For the third consecutive month in the fiscal year that began July 1, state tax collections fell below budgeted estimates.  Finance & Administration Commissioner Dave Goetz today announced that state revenue collections for October were $698.2 million, which is 1.53% below October 2008 collections.  October collections reflect consumer spending in September.

“October is the 17th consecutive month in which sales tax collections have experienced negative growth,” Goetz said. “We are extremely concerned with the year-to-date negative growth in our tax collections, but we are committed to keeping the state’s budget in balance in a responsible manner during this extraordinary national economic downturn.”

“When the nation’s economy shows a strong improvement, Tennessee will likely follow, but there’s usually a good distance of time between national and state economic trends.”

On an accrual basis, October is the third month in the 2009-2010 fiscal year.

October collections were $31.7 million less than the budgeted estimate.  The general fund was under collected by $24.2 million and the four other funds were under collected by $7.5 million.

Sales tax collections were $38.6 million less than the estimate for October.  The October growth rate was negative 7.80 %. Year-to-date the growth rate is negative 8.47%.

Franchise and excise combined collections for October were $11.9 million, and they were $9.6 million above the budgeted estimate of $2.3 million.

Gasoline and motor fuel collections were $2.1 million more than the budgeted estimate of $71.8 million.  However, the sales tax allocation to the Transportation Equity Fund was a negative $7.8 million.  The net result was a shortfall in the highway fund estimate.

Tobacco tax collections for the month were over collected by $600,000, and October collections were $25.1 million.

Inheritance and Estate taxes were under collected by $4.6 million for the month.

All other taxes were under collected by a net of $800,000.

Year-to date collections for three months were $101.3 million less than the budgeted estimate. The general fund was under collected by $88.2 million and the four other funds were under collected by $13.1 million.

The budgeted revenue estimates for 2009-2010 are based on the State Funding Board’s consensus recommendation adopted by the first session of the 106th General Assembly in May of 2009, and are available on the state’s Web site at http//www.tn.gov/finance/bud/budget.html.

View Revenue Collections

State tax collections again fell below budgeted estimates in August, with sales tax collections recording negative growth for 18 of the last 20 months. Finance and Administration Commissioner Dave Goetz reported today that overall August revenues were $726.9 million, which is 5.74% below collections for August 2008. 

"The continued negative trend in tax collections requires us to continue to closely monitor revenues and adjust expenditures accordingly,” Goetz said.  “August sales tax figures reflect July consumer spending, and represent the first month of collections for the new fiscal year.

"We need to make sure we make adjustments to accommodate for the next several months so we keep the state’s budget in a balanced posture.”

On an accrual basis, August is the first month in the 2009-2010 fiscal year.

August collections were $28.2 million less than the budgeted estimate. The general fund was under collected by $30.5 million and the four other funds were over collected by $2.3 million.

Sales tax collections were $24.6 million less than the estimate for August.  The August growth rate was negative 8.21%.

Franchise and excise taxes combined were $279,000 above the budgeted estimate of $20.6 million.

Gasoline and motor fuel collections increased by 9.13% and were $5.2 million above the budgeted estimate of $68.2 million.

Tobacco tax collections for the month were under collected by $289,000.

Privilege tax collections were $1.4 million less than the budgeted estimate of $17.6 million.

Inheritance tax collections were $3.0 million below the budgeted estimate.

All other taxes were under collected by a net of $4.4 million.

The budgeted revenue estimates for 2009-2010 are based on the State Funding Board’s consensus recommendation adopted by the first session of the 106th General Assembly in May of 2009.

via August Revenues | TN.gov Newsroom.

NASHVILLE – State tax revenues continued to decline in July, making it the first time in Tennessee history the state has experienced a full year of negative growth.  Finance and Administration Commissioner Dave Goetz today reported July revenue collections, pointing to sales tax collections which have experienced negative growth for 17 out of the past 19 months when compared to the year before.

“Franchise and excise tax collections showed positive growth for July, but all the over collection resulted from significant one-time payments, not from an upswing in economic activity in Tennessee,” Goetz said. “We continue to strictly monitor revenue collections and our expenditures in order to maintain a balanced budget.”

Overall July revenues were $815.0 million or $61.8 million less than the state budgeted. Continue reading “July, 2009 Revenues for Tennessee” »

NASHVILLE – State tax revenues continued to decline in June for the eleventh consecutive month of the fiscal year, Finance and Administration Commissioner Dave Goetz announced today. Tennessee sales tax collections have experienced negative growth for 16 of the past 18 months, when compared to the year before.

“Governor Bredesen and the Legislature worked together to map a multi-year path to preserve budget stability, so we are positioned to weather the economic downturn,” Goetz said.   “By maintaining healthy cash reserves while reducing spending we are able to keep the state’s budget balanced, but we need to continue to make sure our spending is in line with collections ongoing.”

Overall June revenues were $1.088 billion, which is $134.8 million less than the state budgeted.

On an accrual basis, June is the eleventh month in the 2008-2009 fiscal year.

The general fund was under collected by $127.6 million, and the four other funds were under collected by $7.2 million.

Sales tax collections were $68.3 million less than the estimate for June.  The June growth rate was negative 9.41 percent. For eleven months revenues are under collected by $606.6 million. The year-to-date growth rate for eleven months was negative 7.35 percent.

Continue reading “Tennessee’s revenues decline in June for the eleventh consecutive month” »