October Revenues Well Below Budgeted Estimates

State officials are anticipating a budget shortfall in the neighborhood of 800-million-dollars based on dismal revenue collections for the first quarter of the fiscal year. October revenues are 75-point-eight-million-dollars less than budgeted estimates. The general fund was under collected by 72-million-dollars, and the four other funds were three-point-eight-million-dollars below estimates. Finance Commissioner Dave Goetz says state officials continue to be concerned with the year-to-date negative growth in tax collections. He adds that they are completely committed to balancing the state’s budget in a responsible matter during this extraordinary national economic downturn. Year-to-date state revenues are 217-point-seven-million-dollars less than budgeted estimates. Governor Phil Bredesen expects them to get worse as the national economy continues to slow.