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State General Fund and Road Fund receipts for April 2019
General Fund receipts rose 10.7 Percent
Road Fund receipts rose 8.0 Percent
By Greg Harkenrider
Frankfort, KY - State Budget Director John Chilton reported today that General Fund receipts surged ahead 10.7 percent in April with revenues of $1,289.9 million. April's receipts compare favorably to the $1,165.3 million collected in April 2018. Through the first ten months of FY19, the General Fund has grown 4.8 percent. Receipts reached a new all-time peak in April, besting the previous record by $124.6 million.
The official General Fund revenue estimate for FY19 calls for revenue to grow 3.3 percent compared to FY18 actual receipts. After April's collections are considered, General Fund revenues could fall 4.2 percent for the remaining two months of the fiscal year and still meet the official estimate.
Chilton cited tax law changes in 2018 and 2019 as the impetus for April's growth spurt. "Once again, the sales and cigarette taxes produced large increases due to the passage of HB 487 in 2018. However, $60 million of April's General Fund growth was attributable to the income taxes, despite 2017 HB 487 adopting rate decreases which reduced receipts in the months leading up to the income tax filing season. Part of that increase emphasizes the base broadening that occurred in 2018, where some individual income tax deductions were eliminated, increasing the amount of income subject to taxation. The remainder of growth is linked to a provision of HB 354, enacted in 2019, that requires calendar-year corporations to make estimated tax payments in April and June instead of waiting until June for one large payment. Since a portion of the corporation income tax revenue received in April would have been received in June, part of the April increase could be an acceleration of income tax revenue rather than pure economic growth. Nevertheless, April was an extremely positive month - creating a greater possibility that FY19 revenues may exceed the budgeted revenue estimates."
Among the major General Fund accounts:
Among the Road Fund accounts:
This story was posted on 2019-05-11 08:56:07
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