Road fund receipts decreased slightly
FRANKFORT, Ky. (June 10, 2013) — May’s General Fund receipts grew 8.3 percent compared to May of last year, an increase of $60.8 million, the Office of State Budget Director reported Monday.
The enacted budget calls for 2.4 percent revenue growth for the entire fiscal year. General Fund receipts must equal $917.2 million in June to meet the enacted revenue estimate of $9,307.8 million. By comparison, June receipts in 2012 were $918.5 million.
State Budget Director Jane Driskell was encouraged by the General Fund 8.3 percent growth in May following a 2 percent decline in April, but firmly emphasized the tight fiscal conditions that lie ahead.
“May’s General Fund growth rate was the strongest monthly rate of growth this fiscal year, keeping Kentucky within reach of budgeted estimates,” Driskell said. “We continue to be concerned about sales tax receipts. Despite posting 5.2 percent growth in May, sales tax receipts have fallen five of the prior ten months in FY13. While it is tempting to assume that June receipts will build on the slight momentum from May, the receipts from June 2012 present a very high benchmark, and receipts have declined in three of the 11 months this fiscal year.”
Among the major accounts:
• Sales and use tax receipts increased 5.2 percent for the month but have declined 0.9 percent year-to-date.
• Corporation income tax receipts decreased $1.1 million but have grown 2.3 percent for the year.
• Individual income tax collections grew 8.3 percent in May. Individual income tax receipts have grown 5.9 percent through the first 11 months of FY13.
• Property tax collections increased 75.2 percent in May due to timing issues and have increased 5.6 percent year-to-date.
• Cigarette tax receipts declined 21.9 percent in May and have fallen 5.2 percent year-to-date.
• Coal severance tax receipts fell 33.8 percent in May and have fallen 23.2 percent through the first 11 months of the fiscal year.
Road Fund receipts fell 0.1 percent in May 2013 with collections of $133.8 million. Year-to-date collections have grown by 3.7 percent. The official Road Fund revenue 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 5.2 percent in June to meet the official estimate. The most recent internal revenue estimate predicted revenues will grow 1.3 percent for the year. Among the accounts, motor fuels rose 22.3 percent. Motor vehicle usage revenue decreased 21.6 percent, and license and privilege receipts fell 4.0 percent.