White County is on track with October sales tax collections

By | December 3, 2018 10:19 am

According to White County Director of Finance Chad Marcum, White County is right on track with sales tax collections.

For White County, during the month of October 2018, approximately $350,792.39 was collected in local sales tax and $1,277,733.29 was collected in state sales tax, compared to last year’s figures for October 2017 that came in at $359,104.72 and $1,351,649.34 respectively.

The year-to-date figures for the local sales tax collected was $1,534,026.73, compared to last year at the same time which was $1,412,869.73, and the state sales tax was $5,484,966.62, in October 2018, compared to the same time frame from last year at $5,624,418.68.

“The local option sales tax revenue received in the month of November by White County represents sales conducted in the month of September,” said Marcum. “As such, we saw a slight decline in overall collections from the previous two months. However, this is somewhat typical as we head into the holidays where we anticipate seeing a healthy spike in sales tax collections. Gasoline taxes remain consistent and on target with expectations.”

Tennessee revenues grew from the same month a year ago and were slightly more than the budgeted estimate for October. Finance and Administration Commissioner Larry Martin reported October revenues were $1.0 billion, which is $29.5 million more than October of last year and $3.2 million more than the budgeted estimate. The growth rate for October was 2.91 percent.

“October sales tax revenues, our best economic indicator, performed close to the budgeted monthly estimate and have continued to exhibit sound growth compared to last year,” said Martin. “Corporate tax revenues, or franchise and excise taxes, have also performed quite well in October. We will continue to proceed cautiously, and closely monitor our revenue and expenditure patterns for the balance of this fiscal year.”

On an accrual basis, October is the third month in the 2018-2019 fiscal year.

Overall for Tennessee, general fund revenues for October 2018 were $2.8 million more than the budgeted estimate, and the four other funds that share in state tax revenues were $0.4 million more than the budgeted estimates.

-Sales tax revenues were $7.5 million more than the estimate for October. The October growth rate was 3.64 percent. The year-to-date growth rate was positive 5.65 percent.

-Franchise and excise combined revenues for October were $59.5 million, which is $7.7 million more than the budgeted estimate of $51.8 million. The growth rate for October was 22.27 percent. The year-to-date growth rate was 2.26 percent.

-Gasoline and motor fuel revenues increased by 0.87 percent and were $0.1 million less than the budgeted estimate of $69.3 million.

-Motor vehicle registration revenue receipts decreased by 5.39 percent, and they were $2.2 million less than the October estimate.

-Tobacco tax revenues for the month were $4.2 million less than the budgeted estimate of $22.7 million. The growth rate for October was negative 18.47 percent.

-Privilege tax revenues were $4.4 million less than the budgeted estimate of $32.7 million.

-Business tax revenues were $0.4 million more than the budgeted estimate.

-Hall income taxes were $2.7 million less than the October estimate.

-All other tax revenues were greater than estimates by a net of $1.2 million.

-Year-to-date revenues for three months were $91.0 million more than the budgeted estimate. The general fund exceeded estimates by $81.4 million and the four other funds that share in state tax revenues exceeded estimates by $9.6 million.

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