Dr. Ronald P. Rogers
Support for your body's natural healing capabilities
Click here for details
Click here for information
What's Going On
Columbia Gas Dept.
GAS LEAK or GAS SMELL
24 hrs/ 365 days
270-384-2006 or 9-1-1
Call before you dig
Directory of Churches
phone numbers and more
for churches in Adair County
Find Great Stuff in
Antiques, Help Wanted,
Autos, Real Estate,
Legal Notices, More...
General Fund and Road Fund receipts for August 2020
General Fund receipts rose 5.9 percent, Year-to-Date up 6.5 percent, Road Fund receipts fell 1.0 percent, Year-to-Date up 2.9 percent
By John Hicks/Greg Harkenrider
Frankfort, KY - State Budget Director John Hicks reported today that General Fund receipts increased 5.9 percent in August compared to last year. Total revenues for the month were $833.8 million, compared to $787.2 million during August 2019. August receipts have reflected the smallest share of yearly amounts over the last five years. So far this fiscal year (FY21), General Fund receipts have increased 6.5 percent.
Road Fund receipts for August totaled $140.8 million, a decrease of 1.0 percent from August 2019 levels. Through the first two months of the fiscal year, collections in this fund have increased 2.9 percent.
Hicks noted that after some recent months of significantly lower tax collections due to the novel coronavirus, receipts have rebounded. "We saw the worst quarterly declines in General Fund receipts from April through June since the Great Recession. Growth rates in July and August have ticked upward supported by substantial federal relief payments to individuals and businesses. Sales and use, and the individual income taxes have been the main drivers of the improvement in collections. Total General Fund collections have increased $106.1 million in July and August over the prior year with sales and individual income taxes accounting for all of the increase. Currently, the primary revenue concern is keeping up the momentum in economic activity in spite of the expiration of much of the federal fiscal policies designed to help the economy. Without another round of federal fiscal stimulus, it will be difficult to maintain the growth in collections we have seen thus far in FY21."
The official revenue estimate for FY21 calls for revenue to increase 0.3 percent compared to FY20 actual receipts. Based on Augusts' results, General Fund revenues can decline by 0.7 percent for the remainder of the fiscal year and meet the official estimate.
Among the major accounts:
Among the accounts:
This story was posted on 2020-09-10 13:34:34
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:
LCDHD COVID-19 Public Information Brief 9/9/2020
Higher Calling singing at Mt. Zion Church
Seeking stories of breast cancer survivors
Crafters invited to Farmers Market on the Square
Patchy fog, then sunny today, high 87F
7-County Area Courts for Thu 10 Sep 2020
Governor Marks Solemn Milestone
Flags to half-staff to honor KY's COVID-19 fatalities
CAUD September board meeting is Thursday, 10 Sept 2020
City Council Special Called Meeting, Thu 10 Sept 2020
View even more articles in topic News
Bank of Columbia
The Best of
Local Stories of
The Greatest Generation
Order Book or e-Book
See who's celebrating
Birthdays and Anniversaries
Special Events List
Contact us: Columbia Magazine and columbiamagazine.com are published by D'Zine, Ltd., PO Box 906, Columbia, KY 42728.