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KY General Fund and Road Fund receipts for October 2022
From John Hicks/Greg Harkenrider
Frankfort, KY - State Budget Director John Hicks reported on Thursday, November 10, 2022, that October's General Fund receipts rose 15.2 percent, or $159.2 million, over last year's total. Revenues for the month were $1,207.4 million compared to $1,048.2 million collected in October 2021. Receipts have increased 6.5 percent for the first four months of the fiscal year. When adjusting for the one-time legal settlement received in September of FY22, General Fund receipts have risen 12.1 percent through the first four months of FY23.
Road Fund receipts for October totaled $140.8 million, a 6.8 percent increase from October 2021 levels. Year-to-date Road Fund receipts have grown 1.4 percent. Based on year-to-date collections, Road Fund receipts must increase 3.4 percent to meet the official FY23 revenue estimate of $1,721.0 million.
Hicks noted that General Fund receipts continue to outpace projections. Kentucky's two largest revenue sources continued their trend of strong growth. "The higher than budgeted tax receipts reveal a recurring trend of increased economic activity in Kentucky. The individual income tax and sales and use tax accounted for most of the revenue growth in October. Of the $159.2 million in new revenues for the month, the individual income tax accounted for $102.3 million and the sales and use tax added $40.8 million. As a strong indicator of growing wages and salaries, payroll withholding receipts rose 14.9 percent and have risen almost 10 percent for the year. Sales tax receipts grew 9.7 percent on top of the 16.3 percent growth from October of FY22 and have grown 12 percent for the year."
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This story was posted on 2022-11-11 09:32:21
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