State tax revenue falls short in June - Nashville Business Journal:

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June revenue was $1.08i8 billion — $134.8 million less than budgeted. It’s the 11th consecutivwe month inthe 2008-2009 fiscal year that revenuew has fallen, Finance and Administrationm Commissioner Dave Goetz says. He warnw that the state needs to keep its spendingg down in the absence of signs ofa However, Goetz also creditss Gov. Phil Bredesen and state legislators with passinga multi-yearf budget that makes up for the downturn in revenuse with cash reserves and budget cuts. “We are positiones to weather the economic Goetz says. Sales tax collections were $68.3 million less in June than the with a negative growth rateof 9.41 Revenue is under collected by $606.
6 million for the 11 month of the fiscal year ending in June. The year-to-date growth rate for 11 month wasnegative 7.35 percent. Franchise and excise taxew combinedwere $41.6 million below the budgeted estimate of $279.2 with a negative 14.28 percent growth rate for and business tax collections were $12.8 million less than the June with a negative growth rate of five percent. But gasolinw and motor fuel collections for June increaseedby 1.35 percent. State officials predict tax under-collectiob in the new fiscal year willkltotal $1.1 billion, with abouty half that due to saleds tax under collections.