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General Fund receipts up, Road Fund receipts down in May From John Hicks/Greg Harkenride Frankfort, KY - The Office of State Budget Director reported on Friday, June 10, 2022, that May's General Fund receipts rose 0.9 percent compared to May of last year, an increase of $10.6 million. Total revenues for the month were $1,234.3 million, compared to $1,223.7 million during May 2021. Receipts have now grown 14.8 percent for the first eleven months of FY22. Among the major tax categories, sales and gross receipts increased while the income (both personal and business), property and miscellaneous taxes all fell. The 14.8 percent year-to-date growth rate exceeds the 7.2 percent budgeted growth rate for the current fiscal year. State Budget Director John Hicks noted: "May's growth rate of 0.9 percent in the General Fund is more accurately viewed in conjunction with the 34.9 percent surge in April. Last year the tax filing deadline was extended to May 2021 and returned to the customary month of April this year. When combining April and May, total General Fund growth for the two-month period was 18.8 percent, and for individual income tax receipts it was 35.7 percent. The recent growth in the individual income tax has been extraordinary, reflecting both improved employment and increases in personal income. The sales tax grew 6.5 percent in May, and 11.1 percent year-to-date. Combined collections in the sales and individual income taxes grew 20.9 percent in April and May and accounted for 80.1 percent of the General Fund receipts during that period." Among the major accounts:
This story was posted on 2022-06-11 16:54:07
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