Road fund receipts rise 23.8 percent
FRANKFORT, Ky. (Oct. 10, 2013) – Kentucky General Fund receipts increased 4.0 percent in September compared to last year, State Budget Director Jane Driskell reported today. Total revenues for the month were $920.1 million, compared to $884.7 million during September 2012. Through the first quarter of FY14, the General Fund has grown 3.3 percent.
“Growth in September General Fund receipts was broadly-based with sales, income, and property taxes all increasing. Sales and use tax receipts increased for the second consecutive month after posting declines in five of the previous eight months,” she said.
The official consensus General Fund revenue estimate for FY14 calls for revenue to grow 1.9 percent compared to FY13 actual receipts. Based on September’s results, General Fund revenues must increase 1.4 percent for the remainder of the fiscal year to meet the official estimate.
Among the major accounts:
• Individual income taxes increased 4.1 percent on the strength of withholding and declaration payments. Year-to-date collections are up 3.3 percent.
• Sales tax revenues grew 2.8 percent in September and have increased 2.3 percent for the year.
• Corporation income tax increased 7 percent and has grown 33.4 percent in the first three months of the year.
• Cigarette taxes fell 4.2 percent and have declined 2.1 percent for the first three months of the fiscal year.
• Property taxes grew 22.8 percent in September but are down 15.1 percent for the year.
• Coal severance tax fell 20.3 percent. Receipts year-to-date are down 20.9 percent.
• Lottery revenues declined 5.7 percent to $16.5 million. For the first quarter, collections are unchanged from last year.
Road Fund receipts for September totaled $137.2 million, an increase of 23.8 percent from September 2012 levels. The large rate of growth in September is more a function of weakness in last year’s receipts than outstanding performance in the current month. Last September, motor fuels declined 3.0 percent, which is the only decline since May 2011. Total Road Fund collections for the month are in line with collections for four of the previous five months. The official Road Fund revenue estimate calls for a 5.1 percent increase in receipts for the entire fiscal year (FY14). Based on year-to-date collections, revenues must increase 3.3 percent for the remainder of the fiscal year to meet the estimate.
Among the accounts:
• Motor fuels grew 20.4 percent in September and have grown 11.2 percent for the year.
• Motor vehicle usage collections increased 31.3 percent. Year-to-date collections have grown 13.7 percent.
• License and privilege tax grew 20.1 percent in September. For the first quarter of the fiscal year, receipts are up 5.2 percent.
• Nontax receipts increased $1.1 million in September but are down $200,000 for the year.