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KY General Fund and Road Fund receipts for October 2018
General Fund receipts rose 3.5 Percent. Road Fund receipts rose 3.4 Percent
By John E. Chilton/Greg Harkenrider
Frankfort, KY - State Budget Director John Chilton reported today that General Fund receipts rose 3.5 percent in October with revenues of $826.0 million. This compares to $798.4 million collected in October 2017. Through the four months of the fiscal year (FY19), the General Fund has grown 4.2 percent.
The official General Fund revenue estimate for FY19 calls for revenue to grow 3.3 percent compared to FY18 actual receipts. Based on October's results, General Fund revenues must increase 2.9 percent for the remainder of the fiscal year to meet the official estimate.
Chilton observed that the October activity continued to follow the path predicted by the tax reform efforts in 2018, albeit colored by some notable timing differences. "Sales and gross receipts taxes grew by 8.4 percent in October, largely aided by the timing of an $8.5 million gain in insurance premiums taxes and a $11.4 million gain in the cigarette tax which is attributable to the tax law change. The sales and use tax increased by only 3.3 percent compared to October 2017, but growth was muted due to substantial refund activity. Meanwhile, the individual income tax showed continued weakness with a 1.0 percent setback in October due to the rate reductions embodied in the tax reform measure, HB 487. Taken in aggregate, October's revenue collections were consistent with the latest Governor's Office for Economic Analysis estimates that were released on October 30, predicting that FY19 receipts will nearly equal the offical budgeted estimate as General Fund growth becomes more parsimonious in the coming quarters."
Among the major General Fund accounts:
This story was posted on 2018-11-09 13:16:05
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