Ky Still on Road to Recovery
Kentucky continues to show positive gains in state revenue receipts. Kentucky Public Radio’s Tony McVeigh has the latest tax collection numbers.
State General Fund receipts in April were up almost eight percent, or $62 million more than April 2010 collections. Receipts have grown 5.6 percent in the current fiscal year, which ends June 30th.
A growth rate of 4.5 percent was needed to balance the budget, and the state is already projecting a surplus of around $64 million.
However, disaster expenditures will consume about half of the surplus. The rest will go into the state’s depleted Budget Reserve Trust Fund.
State Budget Director Mary Lassiter says the robust rebound in General Fund receipts is “further evidence of a growing state economy.”
Sales and use taxes are up more than four percent this fiscal year. Corporate income taxes are up 22 percent. Also on the rise are individual income and coal severance tax collections. Property tax and cigarette tax collections are down this fiscal year.
State Road Fund receipts are up almost 12 percent over the previous fiscal year.