Tennessee officials have underestimated their tax revenues to the tune of $4 billion since August of 2020. And they’re poised to make another conservative projection Tuesday in the face of continued pandemic uncertainty. Here are a few ways to contextualize that enormous amount of money.
Tennessee is projected to make strong revenue gains, but experts say there’s a catch
Economists are projecting that tax collections in Tennessee will continue to be strong, at least for the rest of this fiscal year. But they couched those optimistic projections, saying a lot is still unknown.
Tennessee Now $1.3 Billion Ahead Of Expectations On Tax Collections
Tennessee is bringing in tax dollars far faster than projected, and is now $1.3 billion ahead of expectations for the fiscal year that concludes at the end of June.
Tennessee Will Craft State Budget On Expectation Of Some Revenue Growth
Tennessee is betting on growth next year: not a lot, but not quite as modest as some projections. The State Funding Board predicts tax revenues will increase by about 1% in the next fiscal year, and between 2.5% and 3% the year after that.
After Stalemate Between House And Senate, The Tennessee General Assembly Settles On Deep Spending Cuts
In the midst of the coronavirus pandemic and its associated economic crisis, the Tennessee General Assembly passed a revised spending plan early Friday that implements deep cuts to save more than $1 billion.
Tennessee General Assembly Approves Emergency Budget, Adjourns Until June
Tennessee’s legislature approved a fast-tracked budget of about $39.8 billion late Thursday night after a marathon day of activity and as the state responds to the worldwide coronavirus pandemic. The amount is about $900 million less than what was initially proposed by Gov. Bill Lee’s administration.
One Cost Tennessee Agencies Are Figuring Into Their Budgets — The Toll Of Opioids
Listen Twenty-five more drug agents. That’s what the Tennessee Bureau of Investigation is hoping to add in the coming year to aid in efforts to combat the illegal trade in painkillers — just one of the ways that the opioid epidemic is reshaping state agencies’ spending priorities.
Governor Again Asks State Agencies To Trim — And This Time They Might Have To
Listen Governor Bill Haslam is again asking state agencies to trim their budgets, but this year he warns they might actually have to follow through.
TN Finance Chief Sides with Sunny Revenue Outlook
Despite slowing tax collections in recent months, the state’s top finance official is using rosy projections to put together next year’s budget.
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