FRANKFORT, Ky. (Feb. 11, 2013) — General Fund receipts rose 3.8 percent in January compared to the same month last year, an increase of $30.4 million, the Office of the State Budget Director reported today.
Total revenues for the month were $838.6 million, compared to $808.2 million during January 2012. Receipts have now grown 3.8 percent for the first seven months of Fiscal Year 2013.
[pullquote_left]“We continue to be concerned about the performance of sales and use tax receipts, which are basically flat year to date.” — State Budget Director Jane Driskell[/pullquote_left]
The official FY13 revenue estimate calls for 2.4 percent growth and would require 0.4 percent growth for the past five months of the fiscal year to meet the budgeted revenue estimate.
General Fund tax receipts are in line with the official budgeted revenue estimate, said State Budget Director Jane Driskell.
“January receipts are consistent with the latest internal revenue projections for FY13,” she said. “We are pleased with the preliminary results of the Tax Amnesty program, which has bolstered our receipts over the past several months. However, we continue to be concerned about the performance of sales and use tax receipts, which are basically flat year to date.”
The highlights of the latest revenue collections were as follows:
♦ Individual income tax collections rose 35.4 percent and are up 8.8 percent through the first seven months of FY13.
♦ Sales and use tax receipts decreased 2.4 percent for the month and have fallen 0.4 percent year to date.
♦ Corporate income tax receipts rose 82.7 percent and have increased 7.9 percent in the first seven months of the fiscal year.
♦ Property tax collections dropped 47.2 percent in January but are up 6 percent year to date. The decline represents the timing impacts of revenue distributions, offsetting much of the favorable revenue reports in the second quarter of FY13.
♦ Cigarette tax receipts decreased 9.2 percent and have now fallen 4.8 percent year to date.
♦ Coal severance tax receipts fell 26.8 percent and are down 24.4 percent through the first seven months of the fiscal year.
♦ Road Fund receipts for January totaled $120.3 million, a 2.1 percent increase over January 2012 levels. Year-to-date receipts for FY13 have grown 3.2 percent.
The official Road Fund estimate calls for an increase in revenues of 3.9 percent for the fiscal year. Based on year-to-date tax collections, revenues must grow 4.8 percent for the remainder of FY13 to meet that estimate.
“Road Fund revenues are in line with the internal forecast, which predicts we will end the fiscal year slightly under budgeted levels,” Driskell said.
Among the accounts, motor fuels rose 1.3 percent. Motor vehicle usage revenue declined 2.9 percent, and license and privilege receipts rose 20.6 percent.