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General Fund and Road Fund receipts for January 2023

From John Hicks/Greg Harkenrider

Frankfort, KY - State Budget Director John Hicks reported on February 10, 2023, that General Fund receipts rose 6.2 percent in January compared to last year. Total revenues for the month were $1,288.1 million, $75.1 million more than was collected in January 2022. Receipts have now grown 5.8 percent for the first seven months of Fiscal Year 2023 (FY23). When adjusting for a one-time legal settlement received in September of FY22, General Fund receipts have risen 8.8 percent thus far in FY23.

All the major receipts categories had increases with sales and gross receipts accounting for more than $37 million of the total $75.1 million increase.

Hicks noted that the continued strength in the Kentucky economy paved the path to revenue growth even with the impact of the January 1 effective date of a tax cut. "The 10 percent reduction of the individual income tax rate from 5.0 percent to 4.5 percent became effective January 1, 2023. Withholding receipts still grew 1.2 percent in January even though the withholding tax tables dropped by 10 percent. Strong growth in Kentucky wages, coupled with employment growth, have positioned Kentucky's revenue collections to grow even with the rate reduction. January's sales tax collections of $553.2 million set an all-time monthly record and were seven percent higher than the previous monthly high."

Among the major accounts:

  • Individual income tax collections grew 2.1 percent for the month as increases in withholding and net returns offset a decline in estimated payments. Revenues have grown 7.6 percent through the first seven months of FY23.
  • Sales and use tax receipts continue to be strong. Collections were $553.2 million, setting an all-time monthly record for the sales tax. January was only the second month that sales tax receipts have exceeded $500 million, with the other time being January 2022. Revenues have grown 9.9 percent year-to date.
  • Combined corporation income and LLET tax receipts totaled $49.9 million in January, an increase of 19.2 percent. Year-to-date collections have increased 4.6 percent.
  • Property tax collections grew 5.2 percent in January to $102.5 million. Collections through the first seven months now stand at 7.5 percent. Real property and tangible personal property on motor vehicles led the way with double-digit increases.
  • Cigarette tax receipts rose for only the second time this fiscal year, growing 1.1 percent for the month. However, year-to-date revenues have fallen 5.4 percent.
  • Coal severance tax receipts continue to be strong, increasing 70.7 percent to $9.8 million. Collections have grown 56.9 percent through the first seven months of the fiscal year. January collections are the largest since February 2019.
  • Income on investments continues to be a major source of growth in the General Fund. January's receipts totaled $14.7 million as investable balances rise amidst an environment of rising short-term interest rates.
Road Fund receipts grew 8.8 percent in January to $144.1 million, primarily on the strength of motor vehicle usage tax receipts. Year-to-date collections in the Road Fund have increased 4.1 percent. The official Road Fund revenue estimate calls for revenues to grow 2.7 percent for the fiscal year. Based on year-to-date tax collections, revenues must increase 0.9 percent for the remainder of the fiscal year to meet the official forecast.

Among the accounts, motor vehicle usage revenue increased 21.3 percent, motor fuels collections fell 5.9 percent after rising 6.0 percent in December, and license and privilege receipts grew 9.3 percent.

This story was posted on 2023-02-10 14:04:54
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