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General Fund and Road Fund receipts for July 2019 General Fund receipts increase 1.9 percent. Sales tax and lottery receipts showed big increases. Road Fund receipts increase 0.4 percent By John E. Chilton/Greg Harkenrider Frankfort, KY - State Budget Director John Chilton announced today Kentucky's General Fund receipts for July, the first month of Fiscal Year 2020 (FY20), totaled $845.7 million, a 1.9 percent increase compared to July 2018 receipts. Increases in the sales and use tax and cigarette taxes out-paced declines in the income, natural resources and property taxes as the impacts of tax law changes continue to influence monthly receipts. The official revenue estimate for FY20 calls for revenue to grow 0.6 percent compared to FY19 actual receipts. Based on July's receipts, General Fund revenues need to increase 0.5 percent for the remainder of the fiscal year to meet the official estimate. The FY20 official estimate consists of the December 2017 revenue estimate rendered by the Consensus Forecasting Group (CFG) adjusted for subsequently enacted legislation. The CFG met on August 9 to begin the process of revising the FY20 revenue estimate as well as preparing estimates for FY21 and FY22. The CFG will meet again in October before rendering final revenue estimates in December. State Budget Director Chilton emphasized that economic growth continues in the Commonwealth but until full implementation, tax law changes will dominate the flow of monthly receipts. "Clearly the impacts of legislation are continuing to enhance several of our revenue accounts and that will continue for many more months. Fiscal Year 2020 has started much like FY19 ended, with strong growth in sales and excise taxes coupled with declines in the income-related revenue sources. Due to the effective dates of the tax law changes and taxpayer responses to the changes, it may be well into the fiscal year until tax policy impacts are more clearly discernible in actual receipts. Additionally, it is common to see large fluctuations in growth rates early in the fiscal year until receipts begin to stabilize; typically, after three or four months. As always, we will closely monitor receipts as well as the economic conditions of the Commonwealth." Among the major accounts:
Among the major Road Fund categories:
Additional information is available here https://osbd.ky.gov/Pages/default.aspx This story was posted on 2019-08-12 12:25:44
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KentuckyWired finalizes $100M bond sale Purdy Sano Road reopened Garden Club Meeting, Thu 22 Aug 2019 Giles festival in planning for 5 Oct 2019 in Knifley Rotary Club Meeting Partly sunny, high 87F 7-County Area Courts for Mon 12 Aug 2019 Local artists reminded of deadline to participate in exhibit Monday is first day to apply for Cost-Share programs Sano Baptist Homecoming will be held 25 Aug 2019 View even more articles in topic News |
 
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