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KY General Fund and Road Fund receipts for September 2018 General Fund receipts rose 4.4 Percent, Road Fund receipts rose 0.4 Percent Frankfort, KY - - Kentucky State Budget Director John Chilton reported on Wednesday that General Fund receipts rose 4.4 percent in September with revenues of $1,077.3 million. This compares to $1,032.4 million collected in September 2017. Through the first quarter of the fiscal year (FY19), the General Fund has grown 4.5 percent. The official General Fund revenue estimate for FY19 calls for revenue to grow 3.3 percent compared to FY18 actual receipts. Based on September's results, General Fund revenues must increase 3.0 percent for the remainder of the fiscal year to meet the official estimate. Chilton noted that the September gains were broadly based and revenue collections continue to be impacted by legislation enacted by the General Assembly. "Total General Fund revenues grew by $44.9 million as all of the major revenue categories, with the exception of natural resources, posted gains. Sales and use, and cigarette tax collections continued to perform strongly while the income taxes have been soft. This same pattern has persisted the entire first quarter of FY19, and it conforms to expectations following the 2018 tax reform measures adopted in HB 487 where consumption taxes were increased and income-based taxation was lowered through rate reductions. As the remaining elements of tax reform are fully implemented, we will assess the overall tax reform strategy and address any unintended consequences that have arisen. For now, however, the combination of tax reform and a growing economy have state revenues on a solid path to hit the budgeted estimates." Among the major General Fund accounts:
Among the Road Fund accounts:
This story was posted on 2018-10-11 05:26:35
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