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KY General Fund and Road Fund Receipts for November 2020 General Fund receipts fell 3.8 percent, Year-to-Date up 3.1 percent Road Fund receipts rose 3.3 percent, Year-to Date up 1.7 percent By John Hicks/Greg Harkenrider Frankfort, KY - State Budget Director John Hicks reported today that General Fund receipts fell 3.8 percent in November compared to last year. Total revenues for the month were $1,006.5 million compared to $1,046.1 million during November 2019, a decrease of $39.6 million, primarily due to a $34.8 million decline in property tax receipts. Receipts have now risen 3.1 percent for the first five months of the fiscal year, and must increase 0.3 percent over the final seven months of FY21 to meet the recently adopted official revenue estimate of $11,729.0 million. Hicks noted that the drop in property taxes this month was primarily due to timing issues with the real property account. "November is typically the first of three consecutive months when 93 percent of the year's real property taxes are received. Those receipts in the next two months are expected to recover. Adjusting for the timing difference with the property taxes, the rest of the General Fund revenues were essentially flat for the month. Sales and use taxes continued steady growth of 3.9 percent. The individual income withholding receipts fell 1.2 percent, the first monthly decline since April. Corporation taxes and the Limited Liability Entity Tax fell a combined $9.2 million. The state Consensus Forecasting Group met on December 4 and revised the revenue estimates for FY21 and FY22. We will continue to monitor all state revenues and report how collections compare to the new estimates." Among the major accounts:
Motor fuels tax receipts fell 3.6 percent in November and have decreased 4.5 percent for the year. Motor vehicle usage tax collections rose 11.4 percent in November and have grown 11.8 percent through the first five months of the fiscal year. License and privilege receipts grew 6.9 percent for the month and have risen 1.2 percent for the year. This story was posted on 2020-12-10 11:50:36
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