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KY General Fund and Road Fund receipts for January 2021 General Fund receipts increase 6.6 percent, Year-to-Date up 5.7 percent Road Fund receipts decrease 3.2 percent, Year-to-Date up 0.7 percent Frankfort, KY - The Office of State Budget Director reported on Wednesday that January's General Fund receipts grew 6.6 percent compared to January of last year, an increase of $68.4 million. The sales, income, business and property taxes all had significant increases and helped boost total collections. Revenues for the month were $1,076.3 million, the highest ever recorded for the month of January and sales tax collections were the largest monthly amount ever. Receipts have now grown 5.7 percent for the first seven months of FY21. The official revenue estimate calls for 1.4 percent growth in revenues over FY20 totals. Collections for the remainder of the year can fall 4.7 percent, or $223.7 million, and still meet the official estimate. Road Fund receipts for January totaled $127.4 million, a 3.2 percent decrease compared to January 2020 levels. Year-to-date receipts have grown 0.7 percent. State Budget Director John Hicks noted that the 6.6 percent growth in General Fund receipts in January was broadly based. "Most of the major accounts in the General Fund increased in January 2021 compared to January 2020, which is welcomed news since last January showed strength with 9.2 percent growth and presented a high comparable hurdle for this month. When combined with December receipts, the General Fund has grown 11.5 percent over the two-month span, showing a nominal gain of $241.0 million. This revenue growth has occurred in spite of the fact that almost all of the previously existing federal relief had expired months ago. For the first seven months of the fiscal year, General Fund growth now stands at $386.1 million but was estimated to only grow $162.4 million in FY21 to hit the consensus estimate of $11,729.0 million. The prospects of seeing revenues in excess of the consensus estimate seem highly probable at this point." Among the major accounts:
Among the accounts, motor fuels collections fell 4.1 percent, motor vehicle usage revenue declined 6.3 percent, and license and privilege receipts rose 9.2 percent. This story was posted on 2021-02-10 11:57:45
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