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General Fund and Road Fund Receipts for December 2019 By John T. Hicks/Greg Harkenrider Frankfort, KY - The Office of State Budget Director reported on Friday that December's General Fund receipts totaled $1,084.3 million, a 4.1 percent decline compared to December of last year. Receipts have increased 2.7 percent for the first six months of the fiscal year that ends June 30, 2020. Second quarter collections rose 4.1 percent, which is an improvement over first quarter collections which rose 1.1 percent. The official fiscal year 2020 General Fund revenue forecast, which was revised by the Consensus Forecasting Group on December 17, 2019, calls for a 1.6 percent revenue growth. Revenues would need to grow 0.6 percent for the last six months of the fiscal year to meet the estimate. State Budget Director John Hicks noted that the decline in General Fund receipts was impacted by the timing of the receipt of individual income withholding collections. "The individual income tax fell 9.4 percent in December after strong gains of 14.1 percent in November. This month-to-month volatility is typical for the holiday period due to the way calendars fall and tax collections post. Another factor that tamped down December collections was a multi-year refund disbursement of $21.7 million from the corporate income tax account. On a positive note, we expect to see a bump in January sales tax collections because many of the busiest shopping days of the year fell in early December, which means the tax revenue will show up in January collections. Overall, we will have a much more complete picture of the three-month holiday season after January receipts have posted and timing issues have worked its way through." Among the major accounts:
Among the accounts, motor fuels receipts grew 1.2 percent in December, and are up 0.7 percent for the first six months. Motor vehicle usage revenue rose 10.7 percent in December and has increased 4.9 percent year-to-date. License and privilege receipts increased 2.5 percent for the month but are down 6.9 percent for the year. This story was posted on 2020-01-12 06:56:04
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