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General Fund and Road Fund receipts for November 2021 General Fund receipts rose 16.2 percent Road Fund receipts rose 4.8 percent By John Hicks/Greg Harkenrider Frankfort, KY - State Budget Director John Hicks reported on Friday that General Fund receipts rose 16.2 percent in November compared to last year. Total revenues for the month were $1.17 billion, the third consecutive month in which revenues have surpassed one billion dollars. Receipts have now risen 17.3 percent for the first five months of the fiscal year, significantly higher than budgeted estimates. General Fund revenues can fall 1.3 percent over the final seven months of FY22 and still reach the unofficial, preliminary revenue estimate issued by the Consensus Forecasting Group of $13.56 billion. The FY22 General Fund estimate will be revised officially in December. Hicks noted that General Fund revenues continue to exceed expectations and that November marks the fourth consecutive month of double digit growth. "Most of the major revenue accounts in the General Fund showed well in November, collectively posting an increase of $163.1 million over last November. Sales tax receipts have grown by double-digit percentages for four straight months. Individual income taxes, particularly from wage withholding, continue to be strong, and corporate profits are driving significant increases in business tax receipts. Kentucky's economy is showing solid momentum leading into the next biennial budget process. The Consensus Forecasting Group meets on December 17 to render official estimates that will be used in the preparation of the upcoming 2022-2024 biennial budget." Among the major accounts:
Motor fuels tax receipts grew 2.1 percent in November and are up 3.5 percent for the year. Motor vehicle usage tax collections rose 8.3 percent in November and have grown 3.1 percent through the first five months of the fiscal year. License and privilege receipts grew 12.7 percent for the month and have risen 4.4 percent for the year. This story was posted on 2021-12-10 13:22:49
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