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Total KY state revenues grew to $1,032.4 million in Sep 2017
States general fund, road fund receipts up in Sep 2017. General Fund receipts rose 4.1 percent; Road Fund receipts rose 1.8 percent
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From the office of Kentucky State Budget Director John Chilton
FRANKFORT, KY (Tue 10 October 2017) - State Budget Director John Chilton reported today that General Fund receipts rose 4.1 percent in September. Total revenues for the month were $1,032.4 million, compared to $991.7 million during September 2016. So far this fiscal year (FY18), the General Fund has grown 2.9 percent.
Road Fund receipts for September totaled $125.7 million, an increase of 1.8 percent from September 2016 levels.
Chilton noted that the gains were broad based but remained cautious about whether the gains represented a more optimistic trend in revenue collections. "Total General Fund revenues grew by $40.7 million in September as sales and gross receipts, natural resources and income taxes all posted gains. These increases were offset by declines in license and privilege, property and miscellaneous taxes."
The official General Fund revenue estimate for FY18 calls for revenue to grow 3.8 percent compared to FY17 actual receipts. Based on September's results, General Fund revenues need to increase 4.1 percent for the remainder of the fiscal year to meet the official estimate.
"September was a pretty good month," stated Director Chilton. "However, we continue to expect that fiscal year revenues will face headwinds and we will be cautious with our planning in the coming months."
Among the major accounts:
- Individual income taxes increased 5.2 percent as a 7.5 percent increase in withholding and a small gain in net returns offset declines in fiduciary and declarations. Year-to-date collections are up 3.0 percent.Among the accounts:
- Motor fuels receipts rose 1.8 percent in September and have grown 0.1 percent for the year.Additional information is available here http://osbd.ky.gov/
This story was posted on 2017-10-10 12:03:40
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