Chattanooga, TN – According to the state officials, April state revenues totaled $3.039 billion, marking a 0.45 percent decrease compared to April 2023 and a shortfall of $74.2 million from the budgeted estimate.
Bryson noted, “Total revenues for April were comparable to last year’s receipts but fell below the anticipated amount for the month.”
Sales and use taxes, reflecting taxable sales activity in March, showed slight growth, while corporate taxes remained subdued.
However, notable growth was observed in fuel and business taxes, contributing to the overall collections for the month.
On the other hand, all other taxes combined experienced only a modest increase of 1.39%.
Continuing a trend since November, revenues have mostly lagged behind budgeted estimates, prompting a cautious approach to managing state resources with revised revenue projections.
The state’s financial situation is under close scrutiny, with economic activity being monitored closely to ensure that all budgeted obligations are fulfilled.
April marks the ninth month in the 2023-2024 fiscal year on an accrual basis. General fund revenues were $70.5 million lower than the budgeted estimate, while the other four funds sharing state tax revenues fell short by $3.7 million.
Sales tax revenues were notably below the estimate for April by $39.6 million, though they showed a modest increase of 0.62 percent compared to April 2023. Year-to-date, sales tax revenues have fallen short of estimates by $105.7 million, with a growth rate of 1.45 percent over the nine-month period.