TN revenue surplus reaches $540M in June - WSMV News 4

TN revenue surplus reaches $540M in June

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NASHVILLE, Tenn. (AP) - Tennessee general fund revenues have beaten projections by more than a half-billion dollars with one month left in the budget year.

State Finance Commissioner Mark Emkes announced Wednesday that collections came in at $130 million above estimates in June, which reflects economic activity from the previous month.

Sales tax collections, which make up about two out of 3 tax dollars collected by the state, beat projections by $26.6 million in the month, while corporate franchise and excise came in at $98 million above estimates.

The June revenues brought the year-to-date surplus to $540 million. Republican Gov. Bill Haslam included about $210 million of that amount in his revised spending plan for the year but wanted to keep the remainder - now about $331 million - in reserve.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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