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KY General Fund and Road Fund receipts for November 2022

From John Hicks/Greg Harkenrider

Frankfort, KY - State Budget Director John Hicks reported on Monday that General Fund receipts rose 5.3 percent in November compared to last year. Total revenues for the month were $1,231.6 million, the third consecutive month in which revenues have surpassed one billion dollars. Receipts have now risen 6.4 percent for the first five months of the fiscal year. When adjusting for the one-time legal settlement received in September of FY22, General Fund receipts have risen 10.8 percent through the first five months of FY23.

Road Fund receipts for November totaled $142.3 million, a 6.2 percent increase from November 2021 levels.

Year-to-date Road Fund receipts have increased 2.3 percent. Based on collections through the first five months, Road Fund receipts must grow 3.0 percent over the balance of the fiscal year to meet the official FY23 estimate of $1,721.0 million.

Hicks noted that General Fund receipts remain strong compared to the official revenue estimates, a sign that the Kentucky economy continues to perform at a high level. "November and year-to-date collections continue to exceed the budgeted revenue estimates. The 5.3 percent growth rate for the month was spearheaded by 9.4 percent growth in sales and gross receipts taxes. In addition to the 8.5 percent growth in the sales and use tax, many of the excise taxes had strong, double-digit months of growth. Individual income tax receipts were mixed as solid withholding growth of 3.4 percent was offset by refunds that were distributed to taxpayers following the October 15 deadline for extended filers. Given the strong year-to-date performance of the General Fund, the state's forecasting entity (the Consensus Forecasting Group) will convene on December 14 to revise the FY23 and FY24 official General Fund estimates."

Among the major accounts:
  • Combined corporation income and LLET tax receipts declined 2.3 percent. Year-to-date major business tax receipts have increased 9.0 percent.
  • Individual income tax collections grew 0.2 percent. Growth in employer withholding was offset by the payment of refunds from extended returns. Receipts are up 10.0 percent for the first five months of FY23.
  • Sales and use tax receipts grew 8.5 percent in November and are up 11.3 percent for the year.
  • Property tax collections rose 8.9 percent in November and are up 7.6 percent year-to-date. Monthly growth rates in the months of November through February tend to be volatile as the timing of real property tax receipts affect monthly totals.
  • Cigarette tax receipts fell 8.4 percent in November and are down 4.9 percent through the first five months of the fiscal year.
  • Coal severance tax receipts rose 52.6 percent in November due to elevated coal prices. Year-to-date receipts are up 57.6 percent.
  • Lottery revenues grew 6.0 percent in November and have increased 6.6 percent for the year.
Road Fund receipts for November totaled $142.3 million, a 6.2 percent increase from November 2021 levels. Motor fuels tax receipts grew 1.1 percent in November and are up 0.9 percent for the year. Year-to-date increases in motor fuels are strictly due to increases in gallons sold, which are aided by lower motor fuels prices and the FY23 freeze on motor fuels tax rates. Motor vehicle usage tax collections rose 6.1 percent in November and have grown 3.8 percent through the first five months of the fiscal year. License and privilege receipts grew 7.4 percent for the month and have risen 2.1 percent for the year.

This story was posted on 2022-12-13 09:47:54
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