Facing an expected $1.5 billion revenue shortfall over two years, Gov. Lee and state lawmakers turned to nearly every available tool to balance the budget.
Early Projections of Coronavirus’ Effect on State Tax Collections
Four economists gave their best estimates of how the coronavirus pandemic will affect state tax revenue in the current and next fiscal years.
The pandemic has serious health and economic effects, yet Tennessee still has to balance its budget. These are the challenges policymakers face and the tools they have right now.
With pandemic here and recession near, lawmakers passed a preliminary FY 2021 budget that trims $854 million from Gov. Lee’s first draft.
We explain why surpluses and deficits occur, the role of revenue projections and rainy day funds, and the trade-offs Tennessee policymakers must weigh when crafting the budget.
Gov. Lee unveiled a range of priorities with his second budget, most notably in the areas of teacher pay, literacy, mental health, and criminal justice.
Changes to TennCare, education, criminal justice, online sales tax, sports betting, and fiscal notes had significant budget implications.
Governor Lee's FY 2020 budget amendment increases state expenditures by $208.7 million relative to the recommendation submitted in March.
The governor's recommended Budget for FY 2020 totals $38.6 billion, an increase of 1.1% over estimates for the current fiscal year.
Facts and trends on how Tennessee budgets for incarceration of state prisoners, which is consistently among the largest state revenue expenses.