State Revenues for May 2020

TSEA June 9, 2020 Comments Off on State Revenues for May 2020
State Revenues for May 2020

The state has announced revenues for May totaled $981.9 million, which is $197.3 million less than the budgeted monthly revenue estimate and $184.7 million less than May 2019.

“May sales tax collections represent consumer spending that occurred during April, when Tennesseans were staying at home and many businesses were closed in response to the COVID-19 pandemic,” Eley said. “While sales of autos, apparel, furniture and restaurants dropped extensively, building materials and food stores sales experienced considerable growth. The state also realized large drops in gasoline tax receipts, motor vehicle title and registration taxes and mixed drink revenues.

“We responded quickly to develop plans that would mitigate revenue shortfalls at the outset of the pandemic and now the work begins to bring spending in line with what economists predict we will experience. We are encouraged about the improving employment numbers in Tennessee and while we hope for solid recovery trends, we are preparing for a longer and slower growth period, managing our budget conservatively as we work to help all of Tennessee recover from this unprecedented economy.”

Year-to-date revenues for ten months were $285.4 million less than the budgeted estimate. 

Read the full release here: