budget

State revenue $13M above budget estimate in May

Press release from Department of Finance and Administration

NASHVILLE, Tenn. – Department of Finance and Administration Commissioner Larry Martin today announced that overall May revenues were $1.1 billion, which is $13.1 million more than the state budgeted.

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State revenue $128M above budget estimates in April

Press release from Department of Finance and Administration

NASHVILLE, Tenn. – Tennessee Department of Finance and Administration Commissioner Larry Martin today announced that revenues for April exceeded the monthly revenues from the previous year.  State revenues for April were $1.9 billion, which is a growth of 3.76 percent more than last year and $128.3 million more than the state budgeted.

“Total revenues in April reflect significant improvement compared to  this time last year,” Martin said.  “Much of the growth is driven by franchise and excise tax payments, business tax receipts, privilege taxes and sales tax revenues.  Hall income tax revenues posted a significant reduction from receipts received in April 2017, but were expected to be lower due to several large early payments made in December and January of this fiscal year.  All other tax revenues, taken as a group, exceeded the April estimates.

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TN tax take in March: Complicated but basically about what was expected

Press release from Department of Finance and Administration

NASHVILLE, Tenn. – Department of Finance and Administration Commissioner Larry Martin (Friday) announced that Tennessee tax revenue fell short of budgeted estimates in March. Overall March revenues totaled $1.1 billion, which is $84.1 million more than the state collected in March of 2017, but $2 million less than the budgeted estimate for the month.

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House GOP retaliation for Confederate monument removal: A scripted political show?

Some Republicans familiar with the discussions leading up to Tuesday’s state House vote cut $250,000 in funding for Memphis in retaliation for the city removing Confederate statues say the money was put into the state budget on the front end only so that it could be later taken away as  part of an effort send a message to Memphis, reports the Commercial Appeal. Others deny that was the case.

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House votes to penalize Memphis $250K for removing Confederate monuments

In approving a state budget on Tuesday, the House voted 56-31 for an amendment that strips $250,000 in state money earmarked for helping finance the City of Memphis bicentennial celebrations next year – effectively penalizing the city’s removal of Confederate monuments from former city parks late last year.

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Corker bashes Trump and Congress as ‘fiscally irresponsible’

Press release from U.S. Sen. Bob Corker

WASHINGTON – During a hearing today on the Congressional Budget Office’s (CBO) budget and economic outlook for fiscal years 2018 to 2028, U.S. Senator Bob Corker (R-Tenn.), a member of the Senate Budget Committee, discussed how Congress as a whole and the Trump administration have neglected fiscal responsibility.

“None of us have covered ourselves in glory,” said Corker. “This Congress and this administration likely will go down as one of the most fiscally irresponsible administrations and Congresses that we’ve had.”

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Haslam adds $74M to budget bill; $30M for school safety, $10M for aviation grants

Press release from the governor’s office

NASHVILLE – Tennessee Gov. Bill Haslam today proposed $30 million to improve school safety across the state in the amendment to the fiscal year 2018-19 budget proposal to be considered by the General Assembly in the coming weeks.

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State revenue down in January, still ahead of budget for fiscal year

Press release from Department of Finance and Administration

NASHVILLE, Tenn. – Tennessee Department of Finance and Administration Commissioner Larry Martin today announced that overall January state tax revenues posted less than expected, while year-to-date state revenues remain more than budgeted. Revenues for January totaled $1.4 billion, and were 3.18 percent less than revenues received in the same time period one year ago, and were $25 million less than budgeted.

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Trump proposes selling TVA assets; Alexander and Corker say that won’t happen

President Donald Trump’s federal budget proposal calls for selling Tennessee Valley Authority’ electric transmission assets to help pay for a new $1.5 trillion infrastructure program, reports Michael Collins.

“The private sector is best suited to own and operate electricity transmission assets,” the administration wrote in the president’s proposed budget. “Eliminating the federal government’s own role in owning and operating transmission assets encourages a more efficient allocation of economic resources and mitigates unnecessary risk to taxpayers.”

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Black skips vote on budget deal; rest of TN delegation split

U.S. Rep. Diane Black, former House Budget Committee chair who is now running for governor, skipped voting on the $400 billion budget that stopped a brief federal government shutdown on Friday. The Tennessee congressional delegation was otherwise split in the voting.

In the Senate’s 72-28 vote, Sen. Lamar Alexander voted yes; Sen. Bob Corker no.

In the House’s 240-186 vote,  Republican Rep. Jimmy Duncan of Knoxville voted no along with Democratic Rep. Jim Cooper of Nashville. The state’s other Republican congressmen – Reps. Marsha Blackburn of Brentwood, Scott DesJarlais of South Pittsburg, Chuck Fleischmann of Ooltewah and David Kustoff of Memphis – voted yes and were joined by Democratic Rep. Steve Cohen of Memphis.

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