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General Fund and Road Fund receipts up sharply in May 2021
By John Hicks/Greg Harkenrider
Frankfort, KY - The Office of State Budget Director reported today that May's General Fund receipts rose 56.7 percent compared to May of last year, an increase of $442.7 million. Total revenues for the month were $1,223.7 million, compared to $781.0 million during May 2020. Last year's receipts, in May 2020, occurred during the midst of the short-lived but pronounced pandemic-related recession. Hence, all the major tax categories had increases with sales and income taxes having the largest increases.
The official budget estimate calls for revenues to grow 1.2 percent for the entire fiscal year. Receipts have now grown 14.3 percent for the first eleven months of FY21. General Fund receipts stand at $11,610.6 million through May while the official enacted estimate is $11,704.0 million for the entire FY21.
Road Fund receipts for May totaled $148.9 million, a 55.4 percent increase compared to May 2020 levels. Year-to-date receipts have increased 9.0 percent.
State Budget Director John Hicks noted that the individual income tax was subject to timing issues associated with filing deadlines. The sales tax continues to be a major engine of growth in the General Fund. "Three of the five highest months of sales tax collections in Kentucky's history have been January, April, and May of 2021. Sales tax receipts are up 11.5 percent year-to-date. The May growth rate for sales tax receipts of 33.9 percent is misleading since May 2020 occurred during the recession. Individual income taxes growth rates are similarly affected since tax year 2019 returns had a July 15, 2020 deadline and the recent tax year 2020 returns had a May 17, 2021 deadline, so timing makes them difficult to compare. For both the business taxes and the individual income tax receipts, a fairer comparison will be forthcoming a month from now in the press release for June receipts since results for the entire April-June quarter will be available. Notwithstanding any issues of timing, General Fund receipts have now grown 14.3 percent through the first eleven months of FY21 and will exceed the official estimate by a wide margin."
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This story was posted on 2021-06-10 20:23:50
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