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KY General Fund and Road Fund receipts for August 2021
General Fund receipts rose 12.5 Percent, Road Fund receipts rose 5.3 Percent
By John Hicks/Greg Harkenrider
Frankfort, KY - State Budget Director John Hicks reported today that General Fund receipts increased 12.5 percent in August compared to last year. Total revenues for the month were $937.7 million, compared to $833.8 million during August 2020. So far this fiscal year (FY22), General Fund receipts have increased 10.4 percent.
The official revenue estimate for FY22 calls for General Fund revenues to fall 7.7 percent compared to FY21 actual receipts. Based on Augusts' results, receipts can decline by 10.6 percent for the remainder of the fiscal year and still meet the official estimate. The Consensus Forecasting Group met in August to begin the process of revising the FY22 estimate and forecasting revenues for the upcoming biennium.
Road Fund receipts for August totaled $148.3 million, an increase of 5.3 percent from August 2020 levels. Through the first two months of the fiscal year, collections in this fund have increased 2.8 percent.
Hicks highlighted the similarities between the General Fund performance through the first two months in FY22 and the annual patterns seen in FY21. "All three of the largest revenue sources for the General Fund continue to perform well into FY22, paving the way for solid growth in overall tax receipts. Individual income collections grew by 10.3 percent, reflecting resilience in the underlying economy. Major business taxes continued the high growth seen in FY21 by posting an increase of nearly $12 million in August. The consumption sector of the Kentucky economy also exhibited vigor in August, as witnessed by the 11.7 percent growth in the sales and use tax. While challenges exist in the upcoming months, the broadly based growth of 10.4 percent through the first two months of FY22 suggests that the level of revenue collections in FY21 was not an aberration, but rather a sign that the Kentucky economy in FY22 continues to rebound from the recession of 2020."
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This story was posted on 2021-09-10 13:10:31
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