State Funding Board makes revenue projections on fiscal cliff - WSMV Channel 4

State Funding Board makes revenue projections on fiscal cliff

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NASHVILLE, Tenn. (AP) - Tennessee Finance Commissioner Mark Emkes says he expects businesses across the state to be less conservative after Congress reaches a deal on the so-called "fiscal cliff."

Emkes spoke to reporters on Wednesday after the State Funding Board made its state revenue projections.

Based on economists' estimates, the board predicted the state's total general fund collections should increase from 1.98% to 2.85% this year, and 2.74% to 3.89% next year.

The governor selects a number within the range in constructing the budget.

Emkes says he feels comfortable moving forward on the higher end because businesses in and around the state have said they will "move forward" if the fiscal cliff is averted.

He says they're currently "holding back" because of the uncertainty of broad tax increases on nearly all taxpayers and budget-wide spending cuts that could be triggered in early January.

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 This material may not be published, broadcast, rewritten or redistributed.

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