Cheatham County saw marked increases in sales tax receipts in June 2022 as compared to the previous year, part of a statewide trend that has seen Tennessee bring in over $4 billion more than budgeted.
Tennessee Department of Finance and Administration Commissioner Jim Bryson announced recently that revenues for June were $2.2 billion, which was $547.9 million more than the budgeted monthly revenue estimate. State tax revenues were $364.3 million more than June 2021 and the overall growth rate was 19.63 percent.
“After experiencing slower year-over-year growth in the month of May, growth has rebounded to the levels seen during most of fiscal year 2021-2022, driven primarily by sales and corporate tax receipts,” Bryson said. “Of the $547.9 million in revenue above estimates, 48 percent is attributed to growth in sales tax collections while 43 percent is due to the growth in franchise and excise taxes. The June figures also capture $20 million in professional privilege tax payments that had been shifted from May.
“With one month of revenue reporting remaining in the 2021-2022 fiscal year, the state is on track to outperform the revenue estimates set for the year. Nevertheless, we remain steadfast in our commitment to closely watch economic conditions, especially as inflation remains high, eroding much of the gain in overall revenues.”
Cheatham County collected $2,941,618.29 in state sales tax and $1,384,132.40 in local option sales tax during June, as compared to $2,568,421.73 and $1,196,202.95 in June 2021. The respective totals represent an increase of 14.5 percent and 15.7 percent.
On an accrual basis, June is the eleventh month in the 2021-2022 fiscal year.
General fund revenues were more than the budgeted estimates in the amount of $518.8 million and the four other funds that share in state tax revenues were $29.1 million more than the estimates.
Year-to-date revenues, for 11 months, are $4.3 billion more than the budgeted estimate. The general fund recorded $4.0 billion more than the budgeted estimate and the four other funds were $238.2 million more than estimated.
