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State Sees Dip in General Fund Tax Receipts
For the first time in 15 months, Kentucky's General Funds tax receipts failed to increase over the prior year. General Fund taxes in August hit $623 million - down 3 percent over year-ago figures, according to state Budget Director Mary Lassiter.
"The uncertainty in the U.S. economy appears to be impacting Kentucky's tax receipts," Lassiter said. "Aside from some minor timing differences in the property taxes, growth in the major taxes tapered off in august. While one month doesn't make a trend, we will closely examine September receipts to see if the August decline is indicative of underlying weakness."
Meanwhile, Road Fund receipts for August were $134 million, an increase of 5.4 percent from August 2010. That's a 4 percent uptick.