FRANKFORT, Ky. — State Budget Director reported 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 by 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.
The General Fund receipts remain strong compared to the official revenue estimates, a sign that the Kentucky economy continues to perform at a high level.
Among the major accounts:
- Combined corporation income and LLET tax receipts declined 2.3 percent. Year-to-date major business tax receipts have increased by 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 affects 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.
- Due to elevated coal prices, coal severance tax receipts rose 52.6 percent in November. 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 fuel are strictly due to increased gallons sold, which are aided by lower motor fuel prices and the FY23 freeze on motor fuel 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.
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