Van Buren County generates over $177,000 in sales taxes

by | November 30, 2017 9:46 am

According to a recent state financial report, the month of September saw Tennessee’s revenues exceed the budgeted estimates in most of the state’s funds.

Larry Martin, Tennessee department of finance and administration commissioner, recently reported that September revenues were approximately $1.4 billion, which is $48.3 million more than September 2016. The existing state revenues are approximately $58.8 million more than the budgeted estimate.

Van Buren County contributed approximately $126,483.36 in state sales taxes for the month of October. Additionally, approximately $50,891.04 was collected in Van Buren County for local sales taxes in October as well.

Overall, Van Buren County collected approximately $177,374.40 in state and local sales taxes for October 2017. During the previous month, Van Buren County collected approximately $192,457.40, which reflects a $15,083.01 reduction in sales taxes collected.

“Sales tax revenues reflecting August consumer activity recorded positive gains compared to the same time period one year ago, while corporate tax revenues posted negative growth,” Martin said. “All other revenues together recorded healthy growth compared to last year and were driven primarily by increased road user taxes resulting from passage of the IMPROVE Act in April of this year during the previous legislative session.

“Overall, September revenue numbers reflect what we consider to be normal growth range for today’s economy. We do, however, continue [to] have concerns about global economic uncertainty and any possible negative effects resulting from recent national catastrophic weather related events. We will continue to closely monitor state spending and our revenue trends.”

For September, general fund revenues exceeded the budgeted estimates by approximately $49.3 million. Additionally, the four other state funds that share a portion of the state tax revenues exceeded its estimates by approximately $9.5 million.

Sales tax revenues were approximately $10.9 million more than the estimate for September. The September growth rate is more that 4.79 percent more than budgeted, according to the Tennessee Department of Finance and Administration’s recent report.

The gasoline and motor fuel revenues for September increased by approximately 25.32 percent. Gasoline revenues exceeded the $93.5 million budgeted estimate by approximately $7 million, according to the state’s report.

Motor vehicle registration revenues were $2.2 million more than the September estimate statewide. The report stated that the revenues from motor vehicle registrations exceeded the state estimates by $2.7 million so far this fiscal year.

The Tennessee tobacco tax generated approximately $21.2 million in September. Revenues for the month were down by approximately $0.4 million than what the budget estimated for this month. The growth rate for the tobacco tax in September was negative 3.45 percent.

All other taxes collected by the state were below their prospective estimates by approximately $0.9 million.

So far for the 2017-2018 fiscal budget period, approximately $44 million in tax revenues has been received over the budgeted estimates. The state’s general fund exceeded estimates by $30.1 million and the four other funds that share the state tax revenues have exceeded the budgeted estimates by approximately $13.9 million.

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