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General Fund and Road Fund receipts up in March 2021 General Fund receipts increased 9.0 percent, Year-to-date up 5.9 percent Road Fund receipts increased 4.1 percent, Year-to-date up 0.8 percent By John Hicks/Greg Harkenrider Frankfort, KY - - (Monday, April 12, 2021) - The Office of State Budget Director reported today that March's General Fund receipts rose 9.0 percent compared to March of last year, an increase of $78.7 million. Total revenues for the month were $954.8 million, compared to $876.1 million during March 2020. Receipts have now grown 5.9 percent for the first nine months of FY21. For the just completed quarter, total General Fund collections grew 6.7 percent, the largest rate of growth this fiscal year. Growth rates for the three quarters of FY21 have been 5.8, 5.3 and 6.7 percent, respectively. The official revenue estimate calls for 1.4 percent revenue growth for the fiscal year. To meet the estimate, receipts can decline 11.2 percent over the last three months of FY21. Last year General Fund receipts declined by 4.5 percent over the last three months. Road Fund receipts for March totaled $132.5 million, a 4.1 percent increase compared to March 2020 levels. Year-to-date receipts have increased 0.8 percent. After posting small but positive rates of growth in each of the first two quarters of the fiscal year, receipts declined 0.4 percent in the third quarter. State Budget Director Hicks noted that the 9.0 percent growth in March propelled the General Fund to a 6.7 percent increase in the third quarter of FY21. "Both the March receipts and the collections for the third quarter of FY21 were strong, with quarterly totals fueled by growth in the income, sales, business, and property taxes. The injection of federal relief payments to businesses and individuals into the Kentucky economy, as well as stronger than expected payroll and personal consumption, has led to economic and revenue growth ahead of projections as all the major tax accounts are ahead of the budgeted forecast. March's 9.0 percent growth was aided by favorable timing issues on the insurance premiums tax and very strong growth in the individual and corporation income taxes." Among the major accounts:
This story was posted on 2021-04-12 13:07:05
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