FRANKFORT, Ky. (Aug. 9, 2013) —Kentucky’s General Fund tax receipts for the first month of Fiscal Year 2014 (FY14), totaled $690.6 million, a 2.0 percent increase compared to July of last year, State Budget Director Jane Driskell announced Friday.
The official revenue estimate for FY14 calls for revenue to rise 1.9 percent compared to FY13 actual receipts. Based on July’s results, General Fund revenues need to increase 1.9 percent for the remainder of the fiscal year to meet the official estimate.
The overall direction of revenue growth is in line with expectations, Driskell said.
“Despite continued weakness in sales and use and coal severance tax collections, we are comfortable that our total General Fund revenues will be consistent with the official budget estimates,” she said. “The Consensus Forecasting Group is scheduled to hold three meetings between mid-August and the end of the calendar year at which they will have the opportunity to revise the official FY14 estimate as well as establish baselines for FY15 and FY16.”
Among the major General Fund accounts:
- Individual income tax receipts rose 1.3 percent.
- Sales tax revenues were down 1.4 percent.
- Corporation income tax collections rose 156.5 percent.
- Cigarette tax income rose 13.8 percent in July.
- Property tax receipts fell 3.8 percent.
- Coal severance tax revenues declined 21.1 percent.
- Lottery revenues increased 3.2 percent.
Driskell also announced that Road Fund revenues for July totaled $119.3 million, an increase of 1.6 percent compared to last July. Driskell noted that strong motor vehicle usage tax receipts helped bolster total receipts. “Motor vehicle usage tax receipts were above expectations in July while motor fuels collections grew at a subdued pace. These accounts helped offset declines in many of the smaller accounts.”
The official revenue estimate for FY14 calls for revenue to increase 5.1 percent compared to FY13 actual receipts. Based on the first month’s receipts, revenues need to grow 5.4 percent for the rest of the fiscal year to meet budgeted levels.
Among the major Road Fund categories:
- Motor fuels tax receipts rose 2.0 percent.
- Motor vehicle usage tax increased 6.4 percent.
- License and privilege taxes fell 8.6 percent.
- Nontax receipts declined 36.6 percent.