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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:
  • Sales and use tax receipts increased 6.5 percent for the month and have grown 11.1 percent year-to-date. Sales tax receipts ballooned in April/May of 2021, growing by 38.6 percent. This year's April/May growth of 2.0 percent is very good news against that high period last year.
  • Corporation income and LLET tax receipts were essentially flat, decreasing less than $100,000 compared to last year. Collections in these accounts have increased 36.5 percent for the year. For the month, corporation declarations were lower while net returns were slightly higher. The LLET tax grew by $1.8 million.
  • Individual income tax collections decreased 3.9 percent in May due to timing, reflecting the change in tax filing deadlines. Withholding revenues continued their strong trend, rising by 8.8 percent in May and 10.9 percent for the year. Net returns and declarations both declined. Receipts have now increased 17.5 percent through the first eleven months of FY22.
  • Property tax collections decreased 11.5 percent, or $3.3 million in May. The real and general business tangible categories increased in May as the remaining components all decreased. Year-to-date receipts are up 2.6 percent.
  • Cigarette tax receipts grew 51.4 percent in May and are down 3.6 percent year-to-date.
  • Coal severance tax receipts rose 86.1 percent in May and have increased 23.8 percent through the first eleven months of the fiscal year. May's collection amount of $8.8 million is the highest month for the coal severance tax since June 2019.
Road Fund receipts decreased 0.2 percent in May 2022 with collections of $148.6 million. Increases in license and privilege and nontax receipts partially offset the modest declines in motor fuels and motor vehicle usage tax receipts. Year-to-date collections have increased 2.1 percent. The official Road Fund revenue estimate calls for a 2.3 percent increase in revenues for the fiscal year. Based on year-to-date tax collections, revenues must grow 4.5 percent in June to meet the estimate. Among the accounts, motor fuels fell 3.1 percent but are up 4.0 percent for the year. Motor vehicle usage revenue decreased 0.9 percent, while license and privilege receipts rose 4.3 percent.

This story was posted on 2022-06-11 16:54:07
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