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General Fund and Road Fund receipts for February 2020 General Fund receipts rose 2.9 Percent, Year-to-Date up 3.5 percent, Road Fund receipts grew 3.8 Percent, Year-to-Date up 1.8 percent By John T. Hicks/Greg Harkenrider Frankfort, KY - State Budget Director John Hicks reported today that General Fund receipts climbed 2.9 percent in February with revenues of $884.0 million compared to the $859.4 million collected in February 2019. Through the first eight months of FY20, the General Fund has grown 3.5 percent. The official General Fund revenue estimate for FY20 calls for revenue to grow 1.6 percent compared to FY19 actual receipts. After February's results are considered, General Fund revenues could decrease 1.9 percent for the remainder of the fiscal year and still meet the official estimate. Director Hicks was cautiously optimistic regarding February's growth, but noted that the remainder of the fiscal year still contains challenges to meeting the official estimate. "February receipts were propelled in large part by our largest two taxes, the individual income tax and the sales tax. The withholding component of the individual income tax grew 7.5 percent while posting the single highest month of nominal collections with $514.9 million in receipts. Sales tax collections were also higher in February, growing 5.2 percent for the month and 6.9 percent through the first eight months of FY20. Corporation income taxes have been surprisingly down year to-date, a decline of 23 percent. The Commonwealth is entering a stretch where General Fund receipts grew 8.8 percent during the last four months of FY19. Achieving growth this fiscal year may be hindered by the high collections achieved in March, April, and May of 2019. Year-to-date receipts are certainly encouraging, but we are mindful of the challenges that lie ahead for the remainder of the fiscal year." Among the major General Fund accounts:
Among the Road Fund accounts:
This story was posted on 2020-03-10 14:44:12
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