Kentucky’s general fund receipts for May 2011 were up 17.8 percent compared to May 2010, putting the state on track to finish up fiscal year 2011 ahead of budgeted levels.
Kentucky State Budget Director Mary Lassiter attributed strong gains from coal severance and corporate income tax receipts for driving revenues ahead of projects for the first 11 months of the fiscal year.
“Individual income tax receipts accounted for the majority of May’s increase, exceeding the previous year’s total by $94.1 million, largely due to business activity from pass-through entities,” Lassiter said. “All of the large taxes are performing well during the economic recovery. We are now more confident that we will end the fiscal year ahead of budgeted levels; June’s receipts will determine by how much.”
Among the major accounts:
• Sales and use tax receipts increased 4.9 percent for the month and have grown 4.3 percent year-to-date.
• Corporation income tax receipts increased $7.7 million and have increased 27.7 percent for the year.
• Individual income tax collections rose 37.5 percent in May and have grown 9.3 percent though the first 11 months of FY11.
• Property tax collections decreased 3.4 percent and are down 0.9 percent year-to-date.
• Cigarette tax receipts fell 12.5 percent and have now fallen 6.5 percent year-to-date.
• Coal severance tax receipts rose 37.1 percent due to timing issues and are up 10.9 percent through the first 11 months of the fiscal year.