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KY General Fund and Road Fund receipts for October 2021 General Fund receipts rose 10.5 percent, 17.6 percent year-to-date Road Fund receipts rose 0.1 percent, 2.7 percent year-to-date By John Hicks/Greg Harkenrider Frankfort, KY - State Budget Director John Hicks reported today that October's General Fund receipts rose 10.5 percent, or $99.7 million over last year's total. Revenues for the month were $1,048.2 million compared to $948.4 million collected in October 2020. Receipts have increased 17.6 percent for the first four months of the fiscal year, significantly higher than budgeted estimates and would need to grow 0.7 percent over the final eight months of FY22 to reach the unofficial, preliminary revenue estimate issued by the Consensus Forecasting Group of $13.72 billion. The FY22 General Fund estimate will be revised officially in December. Road Fund receipts for October totaled $131.8 million, a 0.1 percent increase from October 2020 levels. Year-to-date Road Fund receipts have grown 2.7 percent. Based on year-to-date collections, Road Fund receipts are above the budgeted estimates and would need to grow 3.0 percent to meet the unofficial, preliminary FY 22 revenue estimate issued by the Consensus Forecasting Group of $1.69 billion. Hicks noted that following the short recession in 2020, growth in General Fund receipts has been historically high. "Since the 4.5 percent quarterly decline in the fourth quarter of FY20, General Fund receipts have posted quarterly growth of at least 5.3 percent in every quarter -- with the last two quarters growing at 24.8 percent and 20.0 percent, respectively. Double-digit quarterly General Fund growth is rare and has not occurred since FY06. October collections continue this recent pattern with a 10.5 percent rate of growth, led by the sales, individual, and major business tax accounts. The sales tax surged ahead 16.3 percent in October and income tax withholding grew by 12.3 percent. These revenue trends, as well as the latest economic outlook, will be considered in December when the Consensus Forecasting Group determines the official revenue estimates that will be used in the preparation of the upcoming 2022-2024 biennial budget." Among the major accounts:
This story was posted on 2021-11-10 13:06:07
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COVID-19 News Brief & Vaccination Update 11/09/2021 Sunny today, high 71F 7-County Area Courts for Wed 10 Nov 2021 Grants for farmer-appreciation projects available at KDA Boil Water Advisory lifted for Bomar Heights/Tutt St. area Hood Lodge 839 Annual Deer Hunters Breakfast is Saturday Deer Season opening morning breakfast is Saturday Vendor Fair this Saturday at Jim Blair Center Governor: COVID-19 Vaccine for Children Ages 5 to 11 COVID-19 News Brief & Vaccination Update 11/08/2021 View even more articles in topic News |
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