WAFF.com: North Alabama News, Radar, Weather, Sports and Jobs-Tenn. 1Q revenues miss projections by $88M
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Associated Press - November 10, 2009 3:05 PM ET
NASHVILLE, Tenn. (AP) - Tennessee general fund tax collections have missed projections by $88 million through the first quarter of the budget year.
State Finance Commissioner Dave Goetz announced Tuesday that sales taxes, which make up two out of every three state tax dollars, fell nearly $40 million short of projections in September.
But corporate franchise and excise taxes beat expectations by nearly $10 million, which helped bring the total monthly shortfall to $24 million.
Gov. Phil Bredesen has asked state agencies to plan for up to 9 percent cuts in their spending plans for the next budget year that begins July 1 and has said that layoffs of state workers are likely.
General fund revenues missed projections by $200 million in the same year-ago quarter.
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