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« Pillar Post | Main | Report Card » June 10, 2005Up Up And Away: Tennessee Surplus Grows Again
The bad news: It will be spent anyway. Posted in Tennessee Budget & Tax Policy
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Tennessee's tax revenue surplus grew by another $10 million in May, thanks to $14.6 million more in sales tax revenue than budget-makers had estimated. Sales tax revenue rose 5 percent in May over May 2004, and is up 4.52 percent for the fiscal year-to-date. Overall, tax revenue through the first ten months of revenue collection for the fiscal 2004-05 state budget, total revenue collected is up 5.06 percent, or $102 million, over what the budget-makers estimated. That's $102 million in excess taxes paid by hard-working Tennesseans in the last 10 months - money that is not needed to balance the budget the state adopted a year ago.