By AP
Nashville, TN – Tennessee revenue collections are short of expectations, but the state's sales tax rate has shown a third consecutive month of growth. General fund collections, which reflect economic activity in the previous month, missed projections by almost 9 and a half million dollars in June.
Finance Commissioner Dave Goetz says sales taxes, which account for two out of every three tax dollars collected by the state, grew by seven tenths of a percent despite the record flooding that occurred in May. Corporate franchise and excise taxes, meanwhile, came in at $21 million more than projected. For the first eleven months of the budget year, the general fund fell $225 million short of original estimates. The new budget year began July 1st.