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General Fund and Road Fund receipts for November 2019
General Fund receipts rose 7.6 percent, Road Fund receipts fell 7.1 percent
By John E. Chilton/Greg Harkenrider
Frankfort, KY - State Budget Director John Chilton reported today that General Fund receipts rose 7.6 percent in November compared to last year. Total revenues for the month were $1,046.1 million, compared to $972.6 million during November 2018, an increase of $73.5 million. Receipts have now risen 4.4 percent for the first five months of the fiscal year, and can decrease 1.9 percent over the final seven months of FY20 and still achieve the current official revenue estimate of $11,462.0 million. Income and property taxes experienced the strongest growth in the month and helped offset declines in natural resources and nontax receipts.
Chilton noted that General Fund revenue continued to increase at an impressive pace in the second quarter as collections for November reinforced gains made in October. "After increasing only 1.1 percent in the first quarter of the fiscal year, revenues have accelerated in the past two months, increasing an impressive 9.4 percent when combining October and November receipts. As a group, the income, sales and use, and property taxes increased by $81.4 million over November 2018 levels. In contrast, the natural resources taxes continued to struggle, falling 33.0 percent for the month as coal severance revenue came in at an all-time low of $3.6 million. The income taxes in particular showed above-trend growth, climbing a combined 18.5 percent in November, driven primarily by increases in the corporate income and limited liability entity taxes. The Consensus Forecasting Group will consider the latest revenue and economic conditions when they convene on December 17 to render official budget estimates that will provide the basis for budgeting for the next biennium."
Among the major accounts:
Motor fuels tax receipts fell 5.3 percent in November and have increased 0.5 percent for the year. Motor vehicle usage tax collections declined 0.8 percent in November but have grown 3.9 percent through the first five months of the fiscal year. License and privilege receipts fell 19.1 percent for the month and have fallen 7.8 percent for the year.
This story was posted on 2019-12-06 12:14:40
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