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General fund and road fund receipts for Feb 2019 General Fund receipts rose 8.4 Percent. Road Fund receipts grew 11.5 Percent. By John E. Chilton/Greg Harkenrider Frankfort, KY - State Budget Director John Chilton reported today that General Fund receipts climbed 8.4 percent in February with revenues of $859.4 million. February's receipts compare favorably to the $793.0 million collected in February 2018. Through the first eight months of FY19, the General Fund has grown 3.2 percent. The official General Fund revenue estimate for FY19 calls for revenue to grow 3.3 percent compared to FY18 actual receipts. After February's results are considered, General Fund revenues must increase 3.5 percent for the remainder of the fiscal year to meet the official estimate. Following declines in General Fund receipts in December and January, Chilton was cautiously optimistic regarding the positive reversal of fortune in February. "The pattern for FY19 has been healthy growth in the sales tax and cigarette taxes due to the passage of HB 487 in 2018. February saw both taxes keeping pace as the sales tax grew 7.1 percent and cigarette taxes grew 72.2 percent. "Unlike prior months, however, the individual income tax grew by 9.0 percent despite the rate reduction in HB 487. A deeper look into that tax shows that refunds were down $36.6 million compared to last year, likely attributable to the timing of refund requests rather than an increase in actual tax collections. Thus, the 9.0 percent surge in the individual income tax is unlikely to repeat during the remainder of the refund season. "One other bright spot in the month was the coal severance tax, which eclipsed $10.0 million for the month for the first time since December 2015.Despite the nonrecurring nature of the increase in net income tax collections, February was a good month for General Fund growth. With just four months remaining in the fiscal year, we are once again running very close to the official revenue estimate for FY19." Among the major General Fund accounts:
Among the Road Fund accounts:
This story was posted on 2019-03-11 12:13:27
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