FRANKFORT, Ky. — State Budget Director John Hicks reported 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 by 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 by 3.4 percent to meet the official FY23 revenue estimate of $1,721.0 million.
Among the major accounts:
- Combined corporation income and LLET tax receipts declined 28.0 percent. Year-to-date, major business tax receipts have increased 9.8 percent.
- Individual income tax collections grew 23.6 percent on the strength of withholding receipts and net returns. For tax filers that filed for an extension from the standard April deadline, net tax returns were up by $38.2 million in October. Receipts are up 12.3 percent for the first four months of FY23.
- Sales and use tax receipts grew 9.7 percent in October and are up 12.0 percent for the year. Monthly growth in the sales tax has increased by double digits in 15 of the prior 20 months.
- Property tax collections fell 1.7 percent in October but are up 4.9 percent year-to-date.
- Cigarette tax receipts fell 6.6 percent in October and are down 4.2 percent through the first four months of the fiscal year.
- Due to relatively high coal prices, coal severance tax receipts rose 32.3 percent in October. Year-to-date receipts are up 59.0 percent.
- Lottery revenues grew 4.4 percent in October and have increased 6.8 percent for the year.
Road Fund receipts rose 6.8 percent in October as both motor fuels and vehicle usage tax receipts posted strong gains. Year-to-date collections have risen 1.4 percent compared to the previous year. Motor fuels taxes rose 5.6 percent in October and are up 0.8 percent for the year. Motor vehicle usage tax collections grew 7.1 percent and have increased 3.4 percent through the year’s first four months. License and privilege revenues rose 10.3 percent in October and are up 0.2 percent for the year. Nontax receipts grew 5.2 percent for the month but are down 19.3 percent for the year.
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