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KY General Fund and Road Fund receipts for Nov 2018
General Fund receipts rose 7.1 Percent, Road Fund receipts rose 7.4 Percent
Frankfort, KY - State Budget Director John Chilton reported today that General Fund receipts rose 7.1 percent in November with revenues of $972.6 million. November's receipts compare favorably to the $907.8 million collected in November 2017. Through the five months of the fiscal year (FY19), the General Fund has grown 4.8 percent.
The official General Fund revenue estimate for FY19 calls for revenue to grow 3.3 percent compared to FY18 actual receipts. Based on November's results, General Fund revenues must increase 2.3 percent for the remainder of the fiscal year to meet the official estimate.
Chilton reiterated that November General Fund collections continue to follow the pattern predicted by the tax reform of 2018 but at a slightly more robust pace. "Sales and gross receipts taxes grew by 17.3 percent in November, the largest such increase since August, 2018. The gains in these consumption taxes were primarily attributable to a 104.1 percent increase in cigarette taxes and a 13.3 percent spike in the sales and use tax. The gains in the cigarette tax are particularly surprising since the tax rate increase in HB 487 from 60 cents per pack to $1.10 per pack, a 83.3 percent increase in rate. So far, the increase in rate has not seemed to meaningfully decrease the consumption of cigarettes.
Meanwhile, the income taxes have fallen predictably due to the rate reductions in the 2018 tax legislation. November receipts were no exception, showing a 0.5 percent decline in combined income-based taxation. Taken in the aggregate, November's General Fund increase of 7.1 percent provides a slight buffer against an anticipated slowdown in receipts in the upcoming fiscal quarters."
Among the major General Fund accounts:
Among the Road Fund accounts:
This story was posted on 2018-12-11 07:06:17
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