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Kentucky General Fund receipts increased 1.3 percent Road Fund receipts increased 6.9 percent. Sales & use tax have increased for the past 11th consecutive month - both months of the Bevin Administration and the last nine of Governor Beshear's. - CM From Commonwealth News Center FRANKFORT, KY (10 Mar 2016) - The Office of State Budget Director reported today that February's General Fund receipts rose 1.3 percent compared to February of last year, an increase of $8.6 million. Total revenues for the month were $669.6 million, compared to $661.0 million during February 2015. Receipts have now grown 4.3 percent for the first eight months of FY16. The official Consensus Forecasting Group estimate calls for 3.2 percent revenue growth for the entire fiscal year. To meet the official revenue estimate, receipts must grow 1.3 percent over the last four months of the fiscal year. Road Fund receipts for January totaled $120.6 million, a 6.9 percent increase over February 2015 levels. Year-to-date receipts for FY16 are down 5.2 percent. State Budget Director John Chilton noted that the two largest General Fund revenue sources continued to offset weaknesses or reductions in other accounts. "February marks the eleventh consecutive month and 24th time out of the previous 26 months that sales and use tax receipts have increased. Additionally, individual income tax collections have been positive in seven of the eight months this fiscal year and growth has been in excess of 5 percent in five of the months. Robust and sustained growth in these taxes has largely offset declines in coal severance and LLET receipts as well as tepid growth in corporation income taxes." This story was posted on 2016-03-11 04:29:12
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