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KY General Fund and Road Fund receipts for February 2022 General Fund receipts increased 4.7 percent, year-to-date up 14.2 percent Road Fund receipts increased 4.5 percent, year-to-date up 3.4 percent By John Hicks/Greg Harkenrider Frankfort, KY - The Office of State Budget Director reported today that February's General Fund receipts rose 4.7 percent compared to February of last year. Collections for the month were $967.5 million. February collections are the largest February total on record. Receipts have now grown 14.2 percent in the first eight months of FY22. The official CFG estimate calls for 7.5 percent revenue growth for the entire fiscal year. To meet the official revenue estimate, receipts can fall 3.8 percent over the last four months of the fiscal year. State Budget Director John Hicks noted that the withholding component of the individual income tax in particular continues to show strength, indicating wage and employment growth in Kentucky. "Withholding collections rose 11.0 percent in February and have grown by double-digit percentages in four of the last five months. The strength in withholding is a direct result of growing wage and employment growth. Year-to-date growth in withholding is 8.8 percent. Employment and wage growth provides Kentucky households with the resources to purchase goods and services, as indicated by the 12.6 percent surge in the sales and use tax through the first eight months of the fiscal year. All of the major tax categories posted growth in February." Among the major accounts:
This story was posted on 2022-03-10 16:00:49
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