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Kentucky's Economic Recovery Continues
Kentucky's General Fund tax revenues grew by 3.8 percent in January compared to figures from January 2012. That's an increase of $30.4 million, according to the state Budget Director Jane Driskell. Total revenues for the month were nearly $839 million compared to $908 million during January 2012. Receipts, according to a state news release, have grown 3.8 percent for the first seven months of the fiscal year.
The fiscal year 2013 revenue estimate calls for 2.4 percent growth and would require 0.4 percent growth for the final five months to make budget.
"We are pleased with the preliminary results of the tax amnesty program, which has bolstered our receipts over the last several months," Driskell said. "However, we continue to be concerned about the performance of sales and tax tax receipts, which are basically flat year to date."
Individual income tax collections are up 35.4 percent and are up nearly 9 percent through the first seven months of the current fiscal year.
Corporation income tax receipts increased nearly 83 percent and have increased almost 8 percent in the first seven months of fiscal year 2013.
Cigarette tax receipts dipped 9.2 percent and have now fallen 4.8 percent year to date.
Coal severance tax receipts fell 26.8 percent for the month and are down 24.4 percent through the first seven months.
The Road Fund estimate calls for an increase of 3.9 percent in revenues for the fiscal year. Based on year to date figures, the state's Road Fund looks to finish the fiscal year slightly under budget, the news release said.