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KY General Fund and Road Fund receipts for April 2022 By John Hicks/Greg Harkenrider Frankfort, KY - The Office of State Budget Director (OSBD) reported on Tuesday that April's level of General Fund receipts of $1.84 billion is the highest monthly amount ever reported. Receipts were up 34.9 percent over last April's collections, bringing the year-to-date growth rate to 16.4 percent. Over 80 percent of the revenue increase over last April was from the individual income tax. Last year's April collections were lower than normal last year due to a change in the filing deadline from April to May. The 16.4 percent year-to-date growth rate exceeds the 7.2 percent budgeted growth rate for the current fiscal year. State Budget Director John Hicks noted, "General Fund revenues emphatically reached a new monthly record in April, once again demonstrating that the underlying Kentucky economy remains strong. Salary and wage withholding receipts were up 23.1 percent in April, and major business tax receipts up 29.7 percent and are on pace to exceed the most ever in a fiscal year. Even with the change in last year's individual income tax filing deadline from April to May, revenues are exceeding expectations. These good results continue to be driven by increased income and profits in Kentucky's economy." Among the major accounts:
Among the accounts, motor fuel revenue rose 2.4 percent in April, and are up 4.8 percent year-to-date. Motor vehicle usage tax collections fell 18.1 percent, but are still on pace to be at least the second best fiscal year ever, and license and privilege receipts were down 4.1 percent. This story was posted on 2022-05-11 06:58:30
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