Tennessee Department of Finance and Administration Commissioner Jim Bryson today Thursday that revenues were very near budgeted estimates for the first month of the state’s fiscal year. August revenues were $1.548 billion, which is $1.3 million more than the monthly estimate and $36.3 million more than August 2023. The total growth rate for the month was 2.40 percent.
“August revenues performed as expected and were in line with forecasted estimates for the month,” Bryson said. “Sales tax receipts, reflecting sales tax activity from the month of July, indicates resilient consumer activity while corporate taxes were lower as a result of recent legislation reducing franchise tax liability. All other taxes were greater than the budgeted estimates for the month.
On an accrual basis, August is the first month in the 2024-2025 fiscal year.