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General Fund and Road Fund receipts for April 2017
Kentucky General Fund receipts increased 1.7 percent. Road Fund receipts decreased 5.0 percent
By John E. Chilton/Greg Harkenrider
Frankfort, KY - The Office of State Budget Director (OSBD) reported today that April's General Fund receipts rebounded from a disappointing March performance and recorded the seventh positive month out of the first ten months of FY17. Collections grew 1.7 percent compared to April of last year, an increase of $18.7 million. Total revenues for the month were $1,095.8 million, compared to $1,077.1 million received during April 2016. Receipts have now grown 1.3 percent for the first ten months of FY17.
The official enacted budget calls for 2.7 percent revenue growth for the entire fiscal year. To meet the official revenue estimate, receipts must increase 9.7 percent over the last two months of the fiscal year. In April, OSBD economists released an interim revenue estimate in which they called for revenues to grow 1.6 percent in FY17, a shortfall of $113.2 million compared to budgeted levels.
Road Fund receipts for April totaled $123.9 million, a 5.0 percent decrease over April 2016 levels. Year-to-date receipts for FY17 are up 1.1 percent.
State Budget Director John Chilton underscored the importance of the individual income and sales tax when evaluating monthly receipts. "The General Fund grew a very modest 1.7 percent in April and stands at 1.3 percent through the first ten months of FY17. Over 75 percent of General Fund receipts come from the sales tax (33.4 percent) and the individual income tax (42.5 percent). When these two taxes go through cyclical slumps, the General Fund struggles to grow. So far this fiscal year, the sales tax has grown 0.7 percent and the individual income tax stands at an increase of 2.6 percent after posting growth of 6.0 percent and 5.2 percent, respectively, in FY16. We will continue to look for signs of improving growth in the upcoming months."
Among the major accounts:
Additional information is available here osbd.ky.gov.
This story was posted on 2017-05-12 16:07:15
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