Shortfall for TN Budget - WRCBtv.com | Chattanooga News, Weather & Sports

Shortfall for TN Budget

NASHVILLE, Tenn. (AP) - Tennessee Finance Commissioner Dave Goetz says the state's general fund revenue could face a shortfall of at least $75 million next year and will probably have to be recouped through the state's reserves.

Goetz told reporters after a meeting of the State Funding Board on Monday that the state's losses in taxes this year continues to be 1.3 to 1.8 percent, and 1.8 to 2.3 percent in the general fund.

General fund collections were $196 million below expectations through the first seven months of the budget year, which ends on June 30.

Goetz says part of the problem is the tobacco tax is not producing as it has in the past, falling short by $20 million this year and an estimated $25 million next year.

 

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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