Frankfort - For the 13th consecutive month, Kentucky's General Fund tax receipts grew in May. The state budget director Friday reported that May’s receipts grew 17.8 percent compared to May of last year, an increase of $113.6 million. Total revenues for the month were $750.3 million, compared to $636.7 million during May 2010. Receipts have now grown 6.7 percent for the first 11 months of fiscal year 2011.
The most recent internal revenue estimate predicted revenues will grow 5.6 percent for the year.
Road Fund receipts for May totaled $128.0 million, a 10.5 percent increase over May 2010 levels. Year-to-date receipts for fiscal year 2011 are up 11.6 percent.
State Budget Director Mary Lassiter said strong gains from coal severance and corporate income tax receipts have driven revenues ahead of projections through the first 11 months.
“Individual income tax receipts accounted for the majority of May’s increase, exceeding the previous year’s total by $94.1 million, largely due to business activity from pass-through entities. All of the large taxes are performing well during the economic recovery. We are now more confident that
we will end the fiscal year ahead of budgeted levels; June’s receipts will determine by how much.”