ColumbiaMagazine.com
Printed from:

Welcome to Columbia Magazine  
 
· Home · Mobile
· Contact/Submit
· Classified Ads
· Birthdays
· Local Events
· Obituaries
· List of Topics
· Photo Archive
· Stories Archive
· Search


Campbellsville University




Dr. Ronald P. Rogers
 CHIROPRACTOR

Support for your body's natural healing capabilities

 270-384-5554
 Click here for details
 






  United
Citizens
Bank
Click here for information
 




 
Rex's
CYCLE SHOP
  
384-6018
 rexscycleshop.com

 













What's Going On
in Columbia?

see ColumbiaMagazine's
Events List

 


 
Columbia Gas Dept.
 GAS LEAK or GAS SMELL
Contact Numbers
24 hrs/ 365 days
270-384-2006 or 9-1-1
Call before you dig
 



Visit
ColumbiaMagazine's
 Directory of Churches

Addresses, times,
phone numbers and more
for churches in Adair County
 

 
Find Great Stuff in
ColumbiaMagazine's
Classified Ads

Antiques, Help Wanted,
Autos, Real Estate,
Legal Notices, More...
 





  
General Fund and Road Fund Receipts for September 2019

General Fund receipts fell 1.2 percent, while Road Fund receipts rose 3.8 percent

By John E. Chilton/Greg Harkenrider

Frankfort, KY - State Budget Director John Chilton reported today that General Fund receipts fell 1.2 percent in September with revenues of $1,064.5 million. This compares to $1,077.3 million collected in September 2018. So far this fiscal year (FY20), General Fund receipts have grown 1.1 percent. September closes out the first quarter of the fiscal year and collections declined for the first time since the third quarter of FY17 when receipts fell 3.2 percent. For perspective, increases in collections have averaged 4.0 percent in the intervening nine quarters.

The official General Fund revenue estimate for FY20 calls for revenue to grow 0.6 percent compared to FY19 actual receipts. Based on September's results, General Fund revenues must increase 0.5 percent for the remainder of the fiscal year to meet the official estimate.

Chilton noted that a good month from the sales tax helped offset reductions in nearly every other major account.

"After two months of growth to start FY20, General Fund receipts declined in September as most major accounts showed weakness. For calendar-year income tax filers, September is a month when estimated payments are due. These estimated payments fell for both individuals and corporations compared to September of 2018, leading to overall reductions in collections of both categories of income taxes. Sales and use tax receipts partially offset these reductions. In fact, the sales and use tax has declined only once since September 2017 and has increased steadily for the last 16 months, primarily attributable to the expansion of the tax base into selected services and admissions effective July 1, 2018. The state Consensus Forecasting Group will deliberate on the latest economic and revenue data when it convenes later in October to issue preliminary revenue estimates that will be used for budget purposes in the upcoming biennium."

Among the major accounts:
  • Individual income taxes fell 0.1 percent in September as a gain in withholding nearly offset declines in net returns and declarations. Year-to-date collections in this account have grown 1.6 percent.

  • Sales tax revenues grew 6.2 percent in September as the effects of legislation continue to be felt. Collections have increased 7.8 percent in the first three months of the year.

  • Corporation income tax and LLET tax receipts fell 6.0 percent for the month and have declined 10.5 percent in the first quarter of the fiscal year. The impact of legislative action can also be seen in this account as the estimated impact for FY20 is a reduction of $75 million in tax receipts.

  • Cigarette taxes declined 10.6 percent in September but are still up 0.1 percent for the first three months of the fiscal year.

  • Property taxes grew 0.8 percent in September but are down 9.8 percent for the year.

  • Coal severance tax receipts fell 5.1 percent for the month. Year-to-date collections are down 11.9 percent.

  • Lottery revenues rose 2.6 percent in September and are up 3.5 percent for the year.

Road Fund receipts grew 3.8 percent in September with collections of $131.1 million. Year-to-date collections have grown 1.1 percent compared to last year's total. The official Road Fund revenue estimate calls for a 3.6 percent decrease in receipts for the entire fiscal year (FY20). Based on year-to-date collections, revenues can fall 5.2 percent for the remainder of the fiscal year and still meet the estimate.

Among the accounts:
  • Motor fuels receipts rose 0.8 percent in September and have grown 0.8 percent for the year.

  • Motor vehicle usage collections rose 6.5 percent for the month. Year-to-date collections are up 5.9 percent. The usage tax is essentially a sales tax that applies commensurate with the purchase of new or used autos and trucks.

  • License and privilege taxes grew 1.9 percent in September. For the first three months of the fiscal year, receipts have declined 11.6 percent.

  • Nontax receipts increased $700,000 in September and have grown 9.6 percent for the year.



This story was posted on 2019-10-10 14:20:10
Printable: this page is now automatically formatted for printing.
Have comments or corrections for this story? Use our contact form and let us know.



More articles from topic News:

Letter: P&Z/City Council Vote

Candy Trail at Summit Manor, Thu 31 Oct 2019

KOHS: Operation Crash Reduction runs October 11-14

Election School Training is Tue 22 Oct 2019

City Attorney weighs in on P&Z tie vote

Mostly sunny, high 80F, chance of rain tomorrow

7-County Area Courts for Thu 10 Oct 2019

Columbia City Council meeting - October Report

Downtown Days 2019 Schedule of Events

Around 75 people enjoyed 13th annual Silent City event

View even more articles in topic News
  

Bank of Columbia

BankColumbia.com
Member FDIC



115 Jamestown St.
Columbia, KY.
270-384-2496
 
















The Best of
Senior Quest
Local Stories of
The Greatest Generation

Order Book or e-Book


See who's celebrating
Birthdays and Anniversaries
in Columbia:

Special Events List
 








 
ColumbiaMagazine's
Veterans List

Click Here
 

Get weather alerts for Adair County



Provided by the Adair Co Fiscal Court and the Adair Co. Emergency Mgt. Agency





 
 
Quick Links to Popular Features

Looking for a story or picture?
Try our Photo Archive or our Stories Archive for all the information that's appeared on ColumbiaMagazine.com.

 

Contact us: Columbia Magazine and columbiamagazine.com are published by Linda Waggener and Pen Waggener, PO Box 906, Columbia, KY 42728.
Phone: 270.403.0017

Please use our contact page, or send questions about technical issues with this site to webmaster@columbiamagazine.com. All logos and trademarks used on this site are property of their respective owners. All comments remain the property and responsibility of their posters, all articles and photos remain the property of their creators, and all the rest is copyright 1995-Present by Columbia Magazine. Privacy policy: use of this site requires no sharing of information. Voluntarily shared information may be published and made available to the public on this site and/or stored electronically. Anonymous submissions will be subject to additional verification. Cookies are not required to use our site. However, if you have cookies enabled in your web browser, some of our advertisers may use cookies for interest-based advertising across multiple domains. For more information about third-party advertising, visit the NAI web privacy site.