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Revenue Data Reveals $40M State Budget Shortfall
December receipts offer a bright spot amid lagging collections
Tennessee revenue collections are more than $38 million behind budgeted expectations so far this fiscal year, a state revenue report reveals.
The report, noting revenue collections through December of 2024, showed a shortfall both in year-over-year collections and in the estimated collections used to build the 2024-25 state budget. The total shortfall so far is just under $40 million.
While the year-to-date numbers reflect a shortfall, December's receipts exceeded budgeted estimates.
The December uptick was reason for Commissioner of Finance and Administration Jim Bryson, in a statement about the revenue numbers, to express cautious optimism:
"December's total tax receipts surpassed our budgeted expectations for the month. We are pleased that tax revenues are aligning closely with our expectations. However, we will maintain careful oversight of future revenues and expenditures to ensure we stay balanced."
December's numbers may indicate a reversal in a months-long trend of revenue decline.
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