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KY General Fund and Road Fund receipts for Aug 2019 General Fund receipts increased 3.6 percent Road Fund receipts decreased 0.7 percent By John E. Chilton/Greg Harkenrider Frankfort, KY - - State Budget Director John Chilton reported today that General Fund receipts increased 3.6 percent in August compared to last year. Total revenues for the month were $787.2 million, compared to $759.9 million during August 2018. For the first two months of this fiscal year (FY20), General Fund receipts have increased 2.7 percent. Chilton noted that the rate of growth of General Fund receipts has moderated from FY19 levels. "We saw rapid growth in General Fund receipts last fiscal year. Some of the increase was due to a solid economy but the tax package passed by the General Assembly in the 2018 Legislative Session also played a large role in the rise in collections. In the current fiscal year, the effects of the 2018 tax law changes have mostly worked their way through the system, so we expect to see lower growth in accounts such as the cigarette taxes. On the other hand, collections from the income taxes should begin to stabilize and grow. Growth in the individual income tax, for example, is starting to rebound now that the rate reduction has had a full year to work into the historical data. All of these developments will be incorporated into the deliberations this fall as the Consensus Forecasting Group develops the official budget estimates for the 2020-2022 biennium." The official revenue estimate for FY20 calls for revenue to increase 0.6 percent compared to FY19 actual receipts. Based on August results, General Fund revenues need to grow 0.3 percent for the remaining ten months of the fiscal year to meet the official estimate. Among the major accounts:
Among the accounts:
This story was posted on 2019-09-10 13:51:57
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