May Revenues $31.5M More Than State Budgeted - NewsChannel5.com | Nashville News, Weather & Sports

May Revenues $31.5M More Than State Budgeted

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NASHVILLE, Tenn. (AP) - State Finance Commissioner Larry Martin said overall May revenues were $31.5 million more than the state budgeted.

Martin, in a release Tuesday, said the sales tax growth rate rebounded in May mainly because of the sale of building materials and purchases of new automobiles.

He said sales tax collections were $11.2 million above the budgeted estimate, and the franchise and excise taxes were $8.8 million more than budgeted.

The general fund went over by $35.3 million.

(Copyright 2013 by The Associated Press. All Rights Reserved.)

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