NASHVILLE, TN (WSMV) -
It's a problem any household would love to have. Tennessee lawmakers have so much extra money, no one is sure what to do with it. The fiscal year just ended and the state managed to collect $563 million, which is more than what was expected.
Some day it needs to go back in the taxpayers wallet, but others warn that the state's costs are increasing and saving it for a rainy day might be the best bet. While most would say any cut in the food tax is a good idea, some said the quarter cent tax passed by the legislature earlier this year is just not enough.
"They only cut it by a quarter of a cent last time which is ridiculous. It should have been but by a half a percent or more," said fellow tax payer Walt Smith.
Over the past year, the state collected more than a half a billion dollars more than expected. While some of the extra money was added into the budget late, the state still has $333 million unspent.
"This is the taxpayers money," said State Rep. Mike Stewart, D-Nashville. "It's not our money."
Democrats have proposed using the extra money to make a deeper cut in the food tax and freeze tuition for college students after years of increases.
"The Haslam administration knew that we were going to have these big surpluses," said Stewart. "And they stood by while we increased the cost for all of our students our future leaders in our state by 10 percent. I think that's outrageous."
The administration says it's important to realize TennCare and education costs go up every year and the economy might not be as stable as some think.
"What we need to avoid is the knee jerk reaction and the flavor of the month," said Tennessee Finance Commissioner Mark Emkes. "This sounds good today, let's go spend the money there. We need a very careful thoughtful approach to this over-collection."
It's something Republican leaders in the House agree with. They say it's going to be about finding the right balance.
"This is a good position to be in," said Tennessee House Speaker Beth Harwell. "If we are wise and we don't automatically say, 'Oh, we've got more money. Let's go spend it.'"
The governor has some time to decide what to do with the extra money since the legislature doesn't come back until January, but ultimately state lawmakers have the final say.
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