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KY State General Fund shows big increase in Feb 2017
General Fund receipts increased 5.9 percent; Road Fund receipts decreased 0.3 percent - but they are up for the year
By John Chilton & Gary Harkenrider
News from Commonwealth News Center FRANKFORT, KY (Fri 10 Mar 2017) - The Office of State Budget Director reported today that February's General Fund receipts rose 5.9 percent compared to February of last year, an increase of $39.4 million. Total revenues for the month were $709.0 million, compared to $669.6 million during February 2016. Receipts have now grown 2.8 percent for the first eight months of FY17.
The official Consensus Forecasting Group estimate calls for 2.7 percent revenue growth for the entire fiscal year. To meet the official revenue estimate, receipts must grow 2.4 percent over the last four months of the fiscal year.
Road Fund receipts for February totaled $120.2 million, a 0.3 percent decrease compared to February 2016 levels. Year-to-date receipts for FY17 have grown 1.6 percent.
State Budget Director John Chilton noted that the increase in General Fund revenue was a pleasant surprise given the continued weakness of sales tax receipts. "After a robust first quarter in which sales tax receipts increased 4.2 percent, collections have been negative for four of the last five months, including February. Weakness in the sales tax puts additional pressure on the other major revenue sources to perform, like the income and property taxes. The individual income tax,corporation income tax and LLET combined for growth of $33.9 million, making February a positive month in spite of the poor performance in the sales tax. We will continue to monitor progress in all revenue sources as we close the final four months of the fiscal year."
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This story was posted on 2017-03-11 06:32:00
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