Total revenue for month $882.5 million
FRANKFORT, Ky. (Dec. 9, 2016) — General Fund receipts rose 1.4 percent in November compared to last year, State Budget Director John Chilton reported today. Total revenues for the month were $882.5 million, compared to $870.5 million during November 2015, an increase of $12 million. Receipts have now risen 3.5 percent for the first five months of the fiscal year, and must increase 2.2 percent over the final seven months of FY17 to achieve the official revenue estimate of $10,616.4 million.
“Of the four months in which receipts have grown in FY17, November was easily the weakest month as measured by the rate of growth,” Chilton said. “Additionally, the two most important taxes, the individual income and sales and use taxes were unchanged from last November. Property tax collections, which are known to be volatile, especially during the November – January period, provided the majority of the growth in November.”
Among the major accounts:
- Corporation income tax receipts fell by $2.5 million in November. Receipts year-to-date have grown 40.5 percent partially due to a large settlement received in October.
- Individual income tax collections grew 0.7 percent in November as all four components of the tax remained essentially flat. Through the first five months of FY17, collections in this tax have increased 4.8 percent.
- Sales and use tax receipts decreased 0.5 percent in November but have grown 1.6 percent for the year.
- Property tax collections rose 8.4 percent for the month and have increased 9.8 percent year-to-date. Timing issues continue to affect property tax collections as real and tangible property collections rose sharply.
- Cigarette tax receipts grew 10.7 percent in November but are down 0.8 percent for the first five months of the fiscal year.
- Coal severance tax receipts declined 29.1 percent in November and are down 33 percent year-to-date.
- Lottery revenues rose 7.9 percent for the month and are up 6.9 percent for the year.
Road Fund receipts for November totaled $126.1 million, a 12.1 percent increase from November 2015 levels. Year-to-date Road Fund receipts have grown 2.8 percent. Based on collections through the first five months, Road Fund receipts can fall 5.0 percent over the balance of the fiscal year to meet the official FY17 estimate of $1,456.9 million.
Motor fuels tax receipts continue to remain in a narrow band, falling 0.6 percent in November. For the fiscal year, collections in this account have increased 1.0 percent. Motor vehicle usage tax collections rose sharply, growing 43.9 percent in November due to a timing issue last November. Year-to-date collections have increased 6.8 percent. License and privilege receipts grew 13.8 percent and nontax receipts fell $450,000.