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March Revenue Numbers Worse Than Projected
Sales Tax Collections $57.7M Less Than Thought
POSTED: 3:24 pm CDT April 8,
2009
UPDATED: 5:52 pm CDT April 8,
2009
NASHVILLE, Tenn. -- Tennessee revenue collections for March were $106.2 million less than expected.State officials said Wednesday that year-to-date revenue for eight months of the fiscal year were $698 million less than the budgeted estimate.In March, the general fund collected $100.4 million less than expected. The sales tax shortfall accounted for $57.7 million of that.Gasoline and motor fuel collections are down, as well as tobacco tax collections.Many business-related taxes also showed strong declines.For the fiscal year, the general fund is projected to be $1.03 billion less than expected.March revenue reflects February sales. Total collections for the month were $779.5 million.These new numbers are not a surprise and have been projected for months, which is why Gov. Phil Bredesen has called for deep cuts in each department's budget.Right now, it's still not clear where all the cuts will be. The stimulus package is expected to soften the blow.Reporter Marc Stewart contributed to this story.
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