Road Fund receipts increases 18.3 percent
FRANKFORT, Ky. (May 10, 2013) — April’s General Fund receipts declined 2.0 percent compared to April of last year, a decrease of $16.5 million, the Office of State Budget Director reported Friday.
Total revenues for the month were $821.4 million, compared to $837.9 million during April 2012. General Fund receipts have now grown 2.1 percent for the first ten months of FY13.
The enacted budget calls for 2.4 percent General Fund revenue growth for the entire fiscal year. To meet the official revenue estimate, receipts must increase 3.6 percent over the last two months of the fiscal year. The most recent internal revenue estimate predicted General Fund revenues will grow 2.1 percent for the fiscal year.
State Budget Director Jane Driskell said General Fund receipts are on pace to meet the most recent internal estimates but fall slightly below enacted levels.
“General Fund revenues were hampered by large declines in sales and use, corporation income and property tax collections,” Driskell said. “Continued weakness in the sales tax is particularly conspicuous since the national economy is improving and consumer confidence is growing.”
Among the major accounts:
♦ Sales and use tax receipts decreased 7.3 percent for the month and have declined 1.5 percent year-to-date.
♦ Corporation income tax receipts fell 89.7 percent but have increased 2.8 percent for the year.
♦ Individual income tax collections rose 5.5 percent in April and have grown 5.6 percent though the first ten months of FY13.
♦ Property tax collections fell 53.5 percent but are up 3.9 percent year-to-date.
♦ Cigarette tax receipts grew 22.2 percent but have declined 3.0 percent year-to-date.
♦ Coal severance tax receipts grew 18.6 percent for the month but are down 22.0 percent through the first 10 months of the fiscal year.
♦ Road Fund receipts for April totaled $143.1 million, an 18.3 percent increase over April 2012 levels. Year-to-date receipts for FY13 are up 4.2 percent. The nominal value of Road Fund receipts, $143.1 million, set a new all-time record for monthly receipts. Road Fund receipts were bolstered by record motor vehicle usage tax receipts.
The official Road Fund revenue estimate calls for revenues to grow 3.9 percent for the fiscal year. Based on year to-date tax collections, revenues must increase 2.5 percent for the remainder of the year to meet the official revenue estimate. The most recent internal revenue estimate predicted revenues will grow 1.3 percent for the year. Among the accounts, motor fuels rose 5.4 percent over April 2012 levels. Motor vehicle usage revenue increased 34.8 percent, and license and privilege receipts increased 33.9 percent over April 2012 levels.
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