General Fund receipts increased 3.8 percent Road Fund receipts increased 5.4 percent
FRANKFORT, Ky. (March 12, 2012) – The Office of State Budget Director reported today that February’s General Fund receipts grew 3.8 percent compared to February of last year, an increase of $21.2 million. Total revenues for the month were $574.1 million, compared to $552.9 million during February 2011. Receipts have now grown 3.9 percent for the first eight months of FY12.
The official Consensus Forecasting Group estimate calls for 2.8 percent revenue growth for the entire fiscal year. To meet the official revenue estimate, receipts must grow 1.0 percent over the last four months of the fiscal year.
Road Fund receipts for January totaled $118.7 million, a 5.4 percent increase over February 2011 levels. Year-to-date receipts for FY12 have grown 7.5 percent.
State Budget Director Mary Lassiter noted that sales and use tax receipts accounted for the majority of the growth in the General Fund. “Sales tax collections were $15.2 million more than what we received last February which was important since most of the other major accounts were either flat or declined. A portion of the sales tax growth was undoubtedly due to very strong levels of gift card sales during the Christmas season, and sales tax is collected when the cards are redeemed on taxable items. February is historically the smallest revenue collection month of the year. Overall, receipts continue to remain on track to meet the official revenue estimate.”
Among the major accounts:
- Sales and use tax receipts increased 8.5 percent for the month and have grown 5.0 percent year-to-date.
- Corporation income tax receipts rose $5.7 million and have increased 50.2 percent for the year.
- Individual income tax collections fell 0.1 percent in February and have grown 1.7 percent through the first eight months of FY12.
- Property tax collections decreased 6.1 percent, primarily due to timing differences in the collection and remittance of tax receipts, but are up 4.0 percent year-to-date.
- Cigarette tax receipts rose 9.7 percent for the month but have fallen 3.8 percent year-to- date.
- Coal severance tax receipts declined 10.1 percent but are up 9.2 percent through the first eight months of the fiscal year.
Road Fund receipts grew 5.4 percent in February 2012 with collections of $118.7 million. The official Road Fund revenue estimate calls for an increase in revenues of 5.5 percent for the fiscal year. Based on year-to-date tax collections, revenues must increase 1.8 percent for the remainder of FY12 to meet the estimate. Among the accounts, motor fuels rose 10.2 percent and have increased 7.3 percent year-to-date. Motor vehicle usage revenue decreased 5.9 percent in February and increased 7.1 percent over the first eight months of the year. License and privilege receipts grew 9.6 percent, and have increased 10.8 percent year-to-date.
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