Tennessee Recommended Spending Percentages
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Explainer: How far does a $4B surplus really go for a state like Tennessee? Tennessee collected $4 billion more than budget From August of 2020 through October of 2021. Tennessee officials have underestimated their tax revenues to the tune of $4 billion since August of 2020.
Explainer: How far does a $4B surplus really go for a state like Tennessee? Tennessee collected $4 billion more than budget From August of 2020 through October of 2021. Tennessee officials have underestimated their tax revenues to the tune of $4 billion since August of 2020.
A budget surplus can be used to reduce taxes, start new programs or fund existing programs such as Social Security or Medicare. A budget surplus can occur when growth in revenue exceeds growth in expenditures, or following a reduction in costs or spending or both. An increase in taxes can also result in a surplus.
The primary source of funding for state expenditures is appropriation from general revenues. General revenues are proceeds from taxes, licenses, fees, fines, forfeitures, and other imposts laid specifically by law.
Using numbers that included data from the fiscal year that ended in June 2020, Tennessee had $8.7 billion more than it owed in obligations, amounting to a $4,400 surplus per taxpayer and earning a grade of B in the report, which was released Tuesday. The state had a $3,400 surplus per taxpayer the year before.
Tennessee has the lowest debt per capita of any state.
Tennessee collected 21% more tax revenue in FY 2021 than lawmakers initially budgeted, giving the state a $2.1 billion unbudgeted surplus.
Using numbers that included data from the fiscal year that ended in June 2020, Tennessee had $8.7 billion more than it owed in obligations, amounting to a $4,400 surplus per taxpayer and earning a grade of B in the report, which was released Tuesday. The state had a $3,400 surplus per taxpayer the year before.
Balanced Budget Requirement: Tennessee's constitution requires the budget to balance. This means in any given fiscal year, spending cannot exceed revenue collections plus reserves.
Depending on the size of a state's budget that might not be very much but in at least 29 of those states, the surplus was actually more than $1 billion. The total for those 29 states is more than $173.9 billion in additional funds. In many cases, the surplus is from state tax revenue that went far beyond projections.
