With sales-tax collection down for the 21st month in a row for the state of Tennessee, February revenues are $47.1 million less than expected.
From tn.gov:
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.”
David Morton
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