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General Fund and Road Fund receipts for January 2019 General Fund receipts declined 3.4 Percent, Road Fund receipts rose 2.5 Percent By John E. Chilton/Greg Harkenrider Frankfort, KY - - State Budget Director John Chilton reported today that General Fund receipts fell 3.4 percent in January with revenues of $924.6 million. January's receipts declined modestly compared to the $956.8 million collected in January 2018. Through the first half of FY19, the General Fund has grown 2.6 percent. The official General Fund revenue estimate for FY19 calls for revenue to grow 3.3 percent compared to FY18 actual receipts. After January's results are considered, General Fund revenues must increase 4.4 percent for the remainder of the fiscal year to meet the official estimate. General Fund and Road Fund receipts for January 2019 General Fund receipts declined 3.4 Percent, Road Fund receipts rose 2.5 Percent By John E. Chilton/Greg Harkenrider Frankfort, KY - - State Budget Director John Chilton reported today that General Fund receipts fell 3.4 percent in January with revenues of $924.6 million. January's receipts declined modestly compared to the $956.8 million collected in January 2018. Through the first half of FY19, the General Fund has grown 2.6 percent. The official General Fund revenue estimate for FY19 calls for revenue to grow 3.3 percent compared to FY18 actual receipts. After January's results are considered, General Fund revenues must increase 4.4 percent for the remainder of the fiscal year to meet the official estimate. While a January reduction in the General Fund was not unexpected, Chilton noted that the income-based taxes were particularly weak. "January's decline in General Fund receipts is primarily due to broadly-based weakness in the individual income tax. The monthly setback was anticipated in part due to a spike in estimated tax payments made in January of 2018, where taxpayers were adjusting estimated taxes in response to the state and local provisions of the Federal tax reform act in December 2017. However, withholding payments fell 8.7 percent as well, pushing the individual income tax down 19.3 percent for the month. Corporation income taxes fell by a larger percentage, 60.7 percent, but the nominal loss was only $8.0 million compared to $82.5 million decrease in the individual income tax collections. he sales and use tax grew by 9.8 percent in January, partially offsetting the income tax losses. This surge in consumption taxes is directly attributable to the expansion of the sales tax base and our ongoing efforts to capture a higher percentage of online sales. December and January losses in the General Fund have created a more formidable challenge to hitting the official revenue estimate, but our latest internal estimates for FY19 still project receipts somewhat less than the budgeted levels." Among the major General Fund accounts:
This story was posted on 2019-02-11 14:56:50
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