ColumbiaMagazine.com
Printed from:

Welcome to Columbia Magazine  
 
· Home · Mobile
· Contact/Submit
· Classified Ads
· Birthdays
· Local Events
· Obituaries
· List of Topics
· Photo Archive
· Stories Archive
· Search


Campbellsville University




Dr. Ronald P. Rogers
 CHIROPRACTOR

Support for your body's natural healing capabilities

 270-384-5554
 Click here for details
 






  United
Citizens
Bank
Click here for information
 




 
Rex's
CYCLE SHOP
  
384-6018
 rexscycleshop.com

 













What's Going On
in Columbia?

see ColumbiaMagazine's
Events List

 


 
Columbia Gas Dept.
 GAS LEAK or GAS SMELL
Contact Numbers
24 hrs/ 365 days
270-384-2006 or 9-1-1
Call before you dig
 



Visit
ColumbiaMagazine's
 Directory of Churches

Addresses, times,
phone numbers and more
for churches in Adair County
 

 
Find Great Stuff in
ColumbiaMagazine's
Classified Ads

Antiques, Help Wanted,
Autos, Real Estate,
Legal Notices, More...
 





  
KY General Fund and Road Fund receipts in March 2020

March General Fund collections reflect predominately February economic activity. COVID-19's effects on tax receipts will begin to be seen in April.

By John T. Hicks/Greg Harkenrider

Frankfort, KY - The Office of State Budget Director reported today that March's General Fund receipts rose 6.8 percent compared to March of last year, an increase of $56.0 million. Total revenues for the month were $876.1 million, compared to $820.1 million during March 2019. Receipts have now grown 3.9 percent for the first nine months of FY20.

The revenue estimate for FY20 approved by the Consensus Forecasting Group in December 2019, called for 1.6 percent revenue growth for the fiscal year. The official revenue estimate enacted by the 2020 Session of the General Assembly reduced that General Fund revenue estimate by $128 million and the Road Fund revenue estimate by $21 million in House Bill 352, which is pending action by Governor Beshear.

March General Fund collections reflect predominately February economic activity. "The COVID-19 virus will have a profound impact on the economy and tax collections, and its effects on tax receipts will begin to be seen in April. The temporary suspension of most retail activity and many other sectors of the economy has led to a dramatic increase in claims for unemployment insurance, which will lead to lower income tax withholding in the coming months. These business suspensions will also profoundly affect sales tax revenues as well. Individual income and sales taxes comprise about 77 percent of General Fund revenues. Essentially the well-being of the state's economy and tax revenue is intertwined with the course of the COVID-19 pandemic, so the upcoming downturn in revenue collections will not abate until the public health crisis improves."


Among the major accounts:
  • Sales and use tax receipts increased 5.0 percent for the month and have grown 6.7 percent year-to-date.
  • Corporation income tax receipts fell 65.4 percent as both estimated tax payments and payments with returns fell. For the year, collections have decreased 28.8 percent.
  • Individual income tax collections rose 25.8 percent in March. The increase is primarily due to a lower number of refunds issued and a smaller average refund amount. The number of filings processed through March was similar to last year. Withholding collections increased by 3.1 percent in March. Total individual income tax collections have grown 5.2 percent through the first nine months of FY20.
  • Property tax collections rose 32.2 percent for the month and have grown 3.5 percent year-to-date. The surge in March receipts was largely due to public service payments.
  • Cigarette tax receipts grew 52.5 percent, due to several wholesalers increasing their stamp purchase quantities in reaction to immediate demand and to prepare for potential supply contingencies, and have increased 2.8 percent year-to-date.
  • Coal severance tax collections fell sharply again in March with collections of $4.7 million. Collections have decreased 27.0 percent through the first nine months of the fiscal year.
Road Fund receipts grew 6.0 percent in March 2020. Receipts for the month were $127.3 million, $7.2 million more than last March. Through the first nine months of FY20, receipts have increased 2.2 percent. The Road Fund receipts for March also do not yet reflect the impact of lower economic activity related to the COVID-19 virus. April receipts will begin to reflect its impact. Among the accounts, motor fuels rose 3.4 percent, motor vehicle usage revenue increased 7.9 percent, and license and privilege receipts grew 13.4 percent.

This story was posted on 2020-04-10 12:03:14
Printable: this page is now automatically formatted for printing.
Have comments or corrections for this story? Use our contact form and let us know.



More articles from topic News:

Egypt Christian Church Easter Service online

COVID-19 cases in Adair jumps to 33 after testing at NH

Call in Easter morning to the Saloma Baptist service

Governor praises faith leaders helping in COVID-19 fight

Sunny and windy today, high 53F

State will get $2.4B in federal COVID-19 relief

Adair County Fiscal Court meeting agenda

Letter: Food pantries

LCDHD Community/Media Zoom Meeting

Partly sunny, high 59F

View even more articles in topic News
  

Bank of Columbia

BankColumbia.com
Member FDIC



115 Jamestown St.
Columbia, KY.
270-384-2496
 
















The Best of
Senior Quest
Local Stories of
The Greatest Generation

Order Book or e-Book


See who's celebrating
Birthdays and Anniversaries
in Columbia:

Special Events List
 








 
ColumbiaMagazine's
Veterans List

Click Here
 

Get weather alerts for Adair County



Provided by the Adair Co Fiscal Court and the Adair Co. Emergency Mgt. Agency





 
 
Quick Links to Popular Features

Looking for a story or picture?
Try our Photo Archive or our Stories Archive for all the information that's appeared on ColumbiaMagazine.com.

 

Contact us: Columbia Magazine and columbiamagazine.com are published by Linda Waggener and Pen Waggener, PO Box 906, Columbia, KY 42728.
Phone: 270.403.0017

Please use our contact page, or send questions about technical issues with this site to webmaster@columbiamagazine.com. All logos and trademarks used on this site are property of their respective owners. All comments remain the property and responsibility of their posters, all articles and photos remain the property of their creators, and all the rest is copyright 1995-Present by Columbia Magazine. Privacy policy: use of this site requires no sharing of information. Voluntarily shared information may be published and made available to the public on this site and/or stored electronically. Anonymous submissions will be subject to additional verification. Cookies are not required to use our site. However, if you have cookies enabled in your web browser, some of our advertisers may use cookies for interest-based advertising across multiple domains. For more information about third-party advertising, visit the NAI web privacy site.