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General Fund and Road Fund receipts for January 2020 General Fund receipts increase 9.2 percent, Year-to-Date up 3.6 percent; Road Fund receipts increase 4.2 percent, Year-to-Date up 1.5 percent By John T. Hicks/Greg Harkenrider Frankfort, KY - The Office of State Budget Director reported today that January's General Fund receipts grew 9.2 percent compared to January of last year, an increase of $85.1 million. Receipts were boosted by the largest ever monthly collection of sales and use tax receipts. Receipts have grown 3.6 percent for the first seven months of fiscal year 2020 (FY20). The official revenue estimate calls for 1.6 percent growth in revenues over FY19 totals. Collections for the remainder of the year can fall 1.1 percent and still meet the official estimate. State Budget Director John Hicks noted that General Fund sales tax receipts have now completed the holiday cycle. "As noted in the December monthly report, we expected a bump in January sales tax collections. A more accurate picture of the holiday season is portrayed by combining receipts from November, December, and January. The three-month totals show that sales tax receipts increased 6.0 percent, individual income tax receipts increased by 4.1 percent, and total General Fund collections increased by 3.7 percent. These growth rates indicate an acceleration in the pace of collections versus the 1.1 percent growth rate in the first quarter of the fiscal year, suggesting modest growth in the underlying economy. We will continue to monitor the pattern of revenues, but at the current time we are squarely on pace to meet the official estimates rendered by the Consensus Forecasting Group in December." Among the major accounts:
Among the accounts, motor fuels collections rose 0.1 percent. Motor vehicle usage revenue grew 10.4 percent, and license and privilege receipts rose 4.9 percent. This story was posted on 2020-02-10 14:11:56
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