Tennessee revenues up $115M in August over projections

Friday, September 11, 2020, Vol. 44, No. 37

NASHVILLE (AP) — Tennessee officials said revenues for August came in $115.1 million higher than state projections amid the coronavirus pandemic.

The Tennessee Department Finance & Administration said last month's revenues of $1.2 billion also topped the state's August 2019 performance by $22 million.

Finance Commissioner Butch Eley said the August sales tax receipts reflect consumer activity for July, which continued to outperform expectations, with federal stimulus money playing a big part.

Eley said tax receipts from sellers of building materials, food, furniture and home appliances increases significantly compared to last August, while apparel stores, many small retailers, restaurants and bars continued to suffer losses amid decreased sales.

August marked the first month on an accrual basis of a new fiscal year for Tennessee. The new budget year officially began in July.