NASHVILLE, Tenn. (AP) – Tennessee's general fund revenues fell $97 million short of projections in the first quarter of the state's budget year.
Corporate franchise and excise tax collections came in at $352 million, or $87 million below the budgeted estimate, and a 14 percent drop from the same year-ago period.
Sales tax collections were $1.77 billion in the quarter, missing projections by about 1 percent. But sales tax revenues posted a 3.4 percent growth compared with the first quarter of last year.
The state's sluggish revenue figures come as Republican Gov. Bill Haslam prepares to assemble his annual spending plan before the General Assembly convenes in January.
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