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General fund and road fund receipts rose in September

FRANKFORT, Ky. (Oct. 10, 2017) — State Budget Director John Chilton reported today that General Fund receipts rose 4.1 percent in September. Total revenues for the month were $1,032.4 million, compared to $991.7 million during September 2016. So far this fiscal year (FY18), the General Fund has grown 2.9 percent.

Road Fund receipts for September totaled $125.7 million, an increase of 1.8 percent from September 2016 levels.

Chilton noted that the gains were broad based but remained cautious about whether the gains represented a more optimistic trend in revenue collections. “Total General Fund revenues grew by $40.7 million in September as sales and gross receipts, natural resources and income taxes all posted gains. These increases were offset by declines in license and privilege, property and miscellaneous taxes.”

The official General Fund revenue estimate for FY18 calls for revenue to grow 3.8 percent compared to FY17 actual receipts. Based on September’s results, General Fund revenues need to increase 4.1 percent for the remainder of the fiscal year to meet the official estimate.

“September was a pretty good month,” stated Director Chilton. “However, we continue to expect that fiscal year revenues will face headwinds and we will be cautious with our planning in the coming months.”

Among the major accounts:

• Individual income taxes increased 5.2 percent as a 7.5 percent increase in withholding and a small gain in net returns offset declines in fiduciary and declarations. Year-to-date collections are up 3.0 percent.
• Sales tax revenues grew 5.4 percent in September, which is the highest monthly percentage increase since last September. Collections have increased 0.8 percent for the year.
• Corporation income tax receipts increased 8.4 percent for the month and have grown 12.6 percent in the first three months of the year.
• Cigarette taxes fell 1.2 percent in September and have declined 3.7 percent for the first three months of the fiscal year.
• Property taxes fell 10.8 percent in September but are up 2.5 percent for the year.
• Coal severance tax receipts grew 0.6 percent for the month. Year-to-date collections are up 5.9 percent.
• Lottery revenues declined 14.1 percent in September and are down 5.4 percent for the year.
Road Fund receipts grew 1.8 percent in September with collections of $125.7 million. Year-to-date collections have fallen 0.5 percent compared to last year’s total. The official Road Fund revenue estimate calls for a 2.0 percent decrease in receipts for the entire fiscal year (FY18). Based on year-to-date collections, revenues can fall 2.5 percent for the remainder of the fiscal year to meet the estimate.

Among the accounts:

• Motor fuels receipts rose 1.8 percent in September and have grown 0.1 percent for the year.
• Motor vehicle usage collections decreased 8.7 percent for the month. Year-to-date collections are down 4.4 percent.
• License and privilege taxes grew $5.6 million in September. For the first three months of the fiscal year, receipts are up 7.4 percent.
• Nontax receipts decreased $900,000 in September and have declined 1.1 percent for the year.

Additional information is available here http://osbd.ky.gov/

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