July 8, 2005

Tennessee's Tax Surplus Soars in June

This will be in your newspaper tomorrow...
NASHVILLE - Tennessee state government continues to pile up a large revenue surplus, adding $92.6 million to that surplus just in the month of June, according to data released by the Department of Finance and Administration at 11 a.m. today. That data shows that, through the first 11 months of revenue collection for the 2004-05 fiscal year, revenue is up $194.5 million more than the budgeted estimate of revenue growth. The budgeted estimate is the amount of money required to balance the fiscal 2004-05 state budget as passed by the legislature in May 2004. However, Gov. Phil Bredesen's administration has already made plans to spend more than the legislature budgeted, which will use up most of the surplus. - Posted at 11:17 a.m., July 8, 2004