The state of Tennessee has collected $585.8 million more than budgeted in taxes and fees in the first three months of the fiscal year.
That’s after the state collected $4.6 billion more than its initial budgeted estimate for last fiscal year. Tennessee’s State Funding Board heard testimony Thursday from economists as it worked toward establishing next fiscal year’s estimates.
In October, Tennessee collected $1.5 billion, which was $178 million more than the budgeted estimate and an increase of $125 million from what was collected in October 2021.
The largest collection came from sales tax, where Tennessee collected $1.14 billion. That’s above the $1 billion budgeted estimate and more than an 11% increase from the $1.02 billion collected in October 2021.