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KY General Fund and Road Fund receipts for October 2022

From John Hicks/Greg Harkenrider

Frankfort, KY - State Budget Director John Hicks reported on Thursday, November 10, 2022, that October's General Fund receipts rose 15.2 percent, or $159.2 million, over last year's total. Revenues for the month were $1,207.4 million compared to $1,048.2 million collected in October 2021. Receipts have increased 6.5 percent for the first four months of the fiscal year. When adjusting for the one-time legal settlement received in September of FY22, General Fund receipts have risen 12.1 percent through the first four months of FY23.

Road Fund receipts for October totaled $140.8 million, a 6.8 percent increase from October 2021 levels. Year-to-date Road Fund receipts have grown 1.4 percent. Based on year-to-date collections, Road Fund receipts must increase 3.4 percent to meet the official FY23 revenue estimate of $1,721.0 million.

Hicks noted that General Fund receipts continue to outpace projections. Kentucky's two largest revenue sources continued their trend of strong growth. "The higher than budgeted tax receipts reveal a recurring trend of increased economic activity in Kentucky. The individual income tax and sales and use tax accounted for most of the revenue growth in October. Of the $159.2 million in new revenues for the month, the individual income tax accounted for $102.3 million and the sales and use tax added $40.8 million. As a strong indicator of growing wages and salaries, payroll withholding receipts rose 14.9 percent and have risen almost 10 percent for the year. Sales tax receipts grew 9.7 percent on top of the 16.3 percent growth from October of FY22 and have grown 12 percent for the year."

Among the major accounts:
  • Combined corporation income and LLET tax receipts declined 28.0 percent. Year-to-date, major business tax receipts have increased 9.8 percent.
  • Individual income tax collections grew 23.6 percent on the strength of withholding receipts and net returns. For tax filers that filed for an extension from the standard April deadline, net tax returns were up by $38.2 million in October. Receipts are up 12.3 percent for the first four months of FY23.
  • Sales and use tax receipts grew 9.7 percent in October and are up 12.0 percent for the year. Monthly growth in the sales tax has increased by double digits in 15 of the prior 20 months.
  • Property tax collections fell 1.7 percent in October but are up 4.9 percent year-to-date.
  • Cigarette tax receipts fell 6.6 percent in October and are down 4.2 percent through the first four months of the fiscal year.
  • Coal severance tax receipts rose 32.3 percent in October due to relatively high coal prices. Year-to-date receipts are up 59.0 percent.
  • Lottery revenues grew 4.4 percent in October and have increased 6.8 percent for the year.
Road Fund receipts rose 6.8 percent in October as both motor fuels and motor vehicle usage tax receipts posted strong gains. Year-to-date collections have risen 1.4 percent compared to the previous year. Motor fuels taxes rose 5.6 percent in October and are up 0.8 percent for the year. Motor vehicle usage tax collections grew 7.1 percent and have increased 3.4 percent through the first four months of the year. License and privilege revenues rose 10.3 percent in October and are up 0.2 percent for the year. Nontax receipts grew 5.2 percent for the month but are down 19.3 percent for the year.

This story was posted on 2022-11-11 09:32:21
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Deer hunters encouraged to donate to KY Hunters for the Hungry

View even more articles in topic News
  

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