Increase was $82.8 million
FRANKFORT, Ky. (March 11, 2015) —The Office of State Budget Director reported on Turesday that February’s General Fund receipts rose 14.3 percent compared to February of last year, an increase of $82.8 million. Total revenues for the month were $661.0 million, compared to $578.2 million during February 2014. Receipts have now grown 4 percent for the first eight months of FY15.
The official revenue estimate requires a 3.6 percent revenue growth for the entire fiscal year. To meet the official revenue estimate, receipts must grow 2.8 percent over the last four months of the fiscal year.
“General Fund revenues have grown over 6 percent in the past four months,” said state budget director Jane Driskell. “January collections in individual income tax declined 7.5 percent while February receipts grew 23.5 percent, for a two month total of 5.6 percent. Overall, February’s strong revenue performance reiterates our belief that General Fund revenues remain on track to meet the official revenue estimate.”
Among the major accounts:
- Individual income tax collections grew 23.5 percent in February and have grown 6.2 percent though the first eight months of FY15.
- Sales and use tax receipts increased 4.9 percent for the month and have grown 4.9 percent year-to-date.
- Corporation income tax receipts increased $4.6 million in February but have decreased 0.9 percent for the year.
- Property tax collections decreased 2.7 percent for the month but have increased 1.2 percent year-to-date.
- Cigarette tax receipts grew 16.8 percent for the month and have fallen 2.8 percent year- to-date.
- Coal severance tax receipts increased 16.5 percent but are down 4.9 percent through the first eight months of the fiscal year.
Road Fund receipts fell 9.1 percent in February 2015 with collections of $112.8 million. The official Road Fund revenue estimate calls for revenues to decline 0.9 percent for the fiscal year. Based on year-to-date tax collections, revenues can decrease 2.8 percent for the remainder of FY15 and still meet the estimate.
Motor fuels and motor vehicle usage tax collections both declined in February: motor fuels fell 8.6 percent, motor vehicle usage tax fell 8.2 percent. The drop in motor fuels taxes is the result of a decline in the tax rate while the fall in usage tax collections is in large part due to the poor weather over the final two weeks of the month and the continuing impact of the trade-in-credit.