Chattanooga, TN – According to the state officials, this figure is $22.6 million higher than revenues collected in October 2023 but $30.1 million below the budgeted estimate. The total growth rate for the month stood at 1.53 percent.
General fund revenues were $27.1 million short of the October budget estimate, while the other four funds that share in state tax revenues fell $3.0 million below their projections. October marks the third month of the 2024-2025 fiscal year on an accrual basis.
Commissioner Jim Bryson noted that although October’s total tax receipts fell short of budgeted expectations, they still showed growth compared to the same month last year.
Bryson emphasized the need for caution in monitoring fiscal trends. “Despite the modest revenue growth in October, we are only slightly above our year-to-date estimates. As a result, we will closely monitor revenue and spending trends for the remainder of the fiscal year,” he said.
For the fiscal year-to-date, covering August through October, total tax revenues are 1.40 percent above the budget estimate, amounting to $72.4 million over projections. Compared to the same period last year, total tax revenues have grown by 1.51 percent, or $77.8 million. General fund revenues are 1.45 percent above the year-to-date budgeted estimate, representing a $61.7 million increase. When compared to last year, general fund collections have risen by 1.99 percent, or $84.3 million.