Receipts up 4% this fiscal year
FRANKFORT, Ky. (Nov. 10, 2016) — State Budget Director John Chilton reported today that October’s General Fund receipts were $48 million more than what was collected last October, an increase of 6 percent.
Total revenues for the month were $849.4 million, compared to $801.4 million during October 2015. Receipts have increased 4 percent for the first four months of the fiscal year, and need to grow 2.1 percent over the final eight months of FY17 to achieve the official revenue estimate of $10,616.4 million.
Road Fund receipts for October totaled $120.3 million, a 7.4 percent decrease from October 2015. Year-to-date Road Fund receipts have increased 0.8 percent. Based on year-to-date collections, Road Fund receipts can fall 3 percent and still meet the official FY17 estimate
“The individual income tax continues to be the primary source of revenue growth in the commonwealth, increasing 8.5 percent in October,” Chilton said. “Remaining accounts in the General Fund were mixed. Sales and use tax receipts were adversely affected by the issuance of refunds, while the corporation income tax and LLET accounts were inflated due to one-time payments with returns. Notwithstanding these monthly variances, General Fund revenues remain solidly on track to meet or slightly exceed the official estimates.”
Among the major accounts:
- Corporation income tax receipts were $43.1 million more than what was collected in October 2015 due, in large part, to the multi-year payment mentioned above. Year-to-date receipts have increased 44 percent.
- Individual income tax collections rose 8.5 percent, as a 9.6 percent increase in withholding receipts offset small declines in the other components of the tax. Receipts are up 5.7 percent for the first four months of FY17.
- Sales and use tax receipts fell 3.6 percent in October and are up 2.2 percent for the year. The October decline was the first negative month since March 2015, a string of 18 consecutive monthly increases.
- Property tax collections increased 13.4 percent in October, and are up 12.5 percent year-todate. Large swings in property tax revenues are typical in the fall months as the bulk of receipts in this category are received between November and January.
- Cigarette tax receipts fell 7.9 percent in October and are down 3.2 percent for the first four months of the fiscal year.
- Coal severance tax receipts were the highest in 10 months but were still 25.8 percent below October 2015 levels. Year-to-date collections are down 34 percent.
- Lottery revenues grew 1.1 percent in October and are up 6.7 percent for the year
Road Fund receipts decreased 7.4 percent in October largely due to a drop in motor vehicle usage tax receipts. Year-to-date Road Fund collections have grown 0.8 percent. Motor fuels taxes increased 2.5 percent in October and have grown 1.4 percent for the year.
Motor vehicle usage tax collections fell 14.8 percent but have increased 1.2 percent through the first four months of the year. License and privilege revenue fell 22.7 percent in October and has decreased 2.1 percent for the year. Nontax collections rose 3.1 percent for the month but are off 6.3 percent for the year.
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