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KY General Fund and Road Fund receipts for July 2021 General Fund receipts increase 8.4 percent Road Fund receipts increase 0.3 percent By John Hicks, Greg Harkenrider Frankfort, KY - - (Tuesday, August 10, 2021) - State Budget Director John Hicks announced today that Kentucky's General Fund receipts for July, the first month of Fiscal Year 2022 (FY22), totaled $981.5 million, an 8.4 percent increase compared to July 2020 receipts. The $76.4 million increase in revenues was concentrated in the sales tax and business taxes. Most of the major revenue categories increased. Due to the large revenue surplus from FY21, revenues can still decline by 7.7 percent compared to FY21 actual receipts to meet the official revenue estimate. Both the General Fund and Road Fund estimates for FY22 will be revised this fall to provide new revenue forecasts before the next budget cycle. State Budget Director Hicks noted that in the first month of the new fiscal year, many accounts continued the strong growth patterns witnessed in FY21. "Major business taxes were the primary source of new money in July, with the combination of the corporation income tax and the limited liability entity tax contributing $33.9 million of the $76.4 million of nominal growth for the month. These major business taxes grew 38.1 percent in FY21, and this pattern has continued in the first month of FY22. Kentucky businesses are seeing increased corporate profits with a 14.3 percent growth rate in FY21 over the prior year. Sales tax receipts also continued their path of robust performance with the sales tax growing by 7.5 percent in July, adding an additional $30.7 million in nominal growth. The Consensus Forecasting Group (CFG) will meet on August 13th for the first in a series of three meetings culminating in December with the official consensus estimates for FY22 through FY24." Among the major accounts:
Among the major Road Fund categories:
This story was posted on 2021-08-10 17:30:59
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