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General Fund and Road Fund receipts for December 2021
General Fund receipts rose 10.4 percent, Year-to-date 15.9 percent
Road Fund receipts rose 3.6 percent, Year-to-date 3.2 percent
By John Hicks/Greg Harkenrider
Frankfort, KY - The Office of State Budget Director reported today that December's General Fund receipts totaled $1,390.2 million, the fourth consecutive month in which collections have exceeded $1 billion. Receipts have increased 15.9 percent for the first six months of the fiscal year that ends June 30, 2022.
The official FY22 revenue forecast, which was revised by the Consensus Forecasting Group (CFG) on December 17, 2021, calls for 7.5 percent revenue growth. Revenues can remain flat for the last six months of the fiscal year and still meet the estimate.
State Budget Director John Hicks noted that the 10.4 percent increase follows the recent trend of strong revenue performance that corresponds to the solid economy in Kentucky. "December's growth rate marks the fifth straight month of double digit percentage growth. During that span, the three major revenue sources have all reflected the favorable underlying economic conditions. Sales tax receipts were up 19.9 percent in December and 13.3 percent year-to-date, highlighting continued strength in consumer spending. The withholding component of the individual income tax came in 6.7 percent more than December 2020 with year-to-date growth of 7.7 percent, reflecting growth in Kentucky wages. Major business taxes grew 23.2 percent in December and stand 44.9 percent higher through the first half of the fiscal year, a demonstration that Kentucky's corporate sector is strong. Based on the robust revenue growth and projected favorable economic conditions ahead, the CFG raised the official FY22 estimate for the Kentucky General Fund from $11,849.8 million to $13,791.9 million, an increase of $1,942.1 million."
Among the major accounts:
Among the accounts, motor fuels receipts grew 11.4 percent in December, and are up 4.8 percent for the first six months. Motor vehicle usage revenue rose 3.1 percent in December and has increased 3.1 percent year-to-date. License and privilege receipts fell 37.5 percent for the month and are down 0.7 percent for the year.
This story was posted on 2022-01-10 14:12:29
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