Governor Bill Lee and state lawmakers just used some of Tennessee’s largest ever budget surplus to fund a historically large incentive package for Ford Motor Company. Even after that deal, policymakers may still have at least $3 billion in unallocated funds to appropriate next year. This total includes a record-setting $2 billion for recurring items – and that’s before even speculating about routine revenue growth. For comparison, Tennessee’s total budget from state revenues this year was about $21 billion before the Ford deal passed.
Turns out, Tennessee continues to collect significantly more money than it plans to spend. Sycamore notes that through the first three months of the fiscal year:
Actual collections for October 2021 were about 22% higher than budgeted.
As of October 31, 2021, Tennessee had collected about 24% of the $16.5 billion in total budgeted revenue for the current fiscal year.
Collections through October were about $902 million higher (or 24%) than what was budgeted for the time period.
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