Road Fund receipts rose 8.3 percent
FRANKFORT, Ky. (Sept. 10, 2013) — General Fund receipts increased 3.8 percent in August compared to last year, and total revenues for the month were $663.7 million, compared to $639.1 million during August 2012, State Budget Director Jane Driskell reported Tuesday. General Fund receipts have increased 2.9 percent for current fiscal year (FY14).
“The increase in August receipts was broadly-based, as sales and use, as well as income taxes, posted solid gains. Growth in the sales tax was particularly encouraging given the decline in sales tax revenues in FY13,” Driskell said. “An increase in construction activity appears to have helped boost August collections. However, sales tax continues to be on the watch list as the upcoming budgeting session approaches.”
The official revenue estimate for FY14 calls for revenue to increase 1.9 percent compared to FY13 actual receipts. Based on August results, General Fund revenues need to grow 1.7 percent for the remainder of the fiscal year to meet the official estimate.
Among the major accounts:
♦ Individual income taxes increased 4.1 percent primarily due to withholding payments. Collections year-to-date are up 2.7 percent.
♦ Sales tax revenues rose by a robust 5.8 percent and have risen 2.1 percent through the first two months of the fiscal year. Underlying data reveal growth in construction activity and big-box retail sales.
♦ Corporation income tax collections increased $10.1 million due to favorable balances on net returns.
♦ Cigarette taxes fell 11.7 percent and have declined 1.1 percent for the year.
♦ Property taxes fell 42.2 percent and have decreased 28.0 for the fiscal year due to timing issues.
♦ Coal severance tax collections decreased 21.4 percent in August and are down 21.3 percent through the first two months of the year.
♦ Lottery revenues grew 3.2 percent to $16.0 million.
Road Fund revenue grew 8.3 percent in August with revenues of $141.3 million. The official Road Fund revenue estimate calls for a 5.1 percent increase in receipts for the fiscal year (FY14). Based on year-to-date collections, revenues must increase 5.1 percent for the remainder of the fiscal year to meet the estimate.
Among the accounts:
♦ Motor fuels grew 11.5 percent in August and have increased 6.8 percent for the fiscal year.
♦ Motor vehicle usage collections increased 4.5 percent for the month and have grown 5.4 percent for the first two months of the fiscal year.
♦ License and privilege tax grew 7.1 percent.