Tennessee is now $555.2 million behind its initial budgeted tax collections through the first 11 months of the fiscal year.
But revised estimates will likely allow the state to remain above the revised estimated – lowered by $798.4 million – approved by the Tennessee Legislature on April 18.
The totals come as the state collected $2.3 billion in taxes and fees in June, $31.5 million below the original budgeted estimate but $34.8 million more than June 2023.
“With one month remaining in this fiscal year, the state seems to be on track to meet the revised 2023-2024 growth rates adopted by the State Funding Board and enacted by the General Assembly,” Tennessee Department of Finance and Administration Commissioner Jim Bryson said. “We are optimistic that we will achieve the revised estimate for the year.”
