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General Fund and Road Fund receipts for February 2023
From John Hicks/Greg Harkenrider
Frankfort, KY - The Office of State Budget Director reported on Thursday, March 9, 2023, that February's General Fund receipts rose 11.4 percent compared to February of last year. Collections for the month were $1,078.1 million, the largest February receipt total on record. Receipts have now grown 6.4 percent in the first eight months of FY23. Among the major accounts, all had increases over last February except for the individual income tax, which had a small decline due to earlier tax refund processing. Sales tax receipts led the way with the largest increase.
The official General Fund revenue estimate, which was revised upward by $1.4 billion, calls for 3.4 percent revenue growth in FY23. To meet the official revenue estimate, receipts can fall 1.7 percent over the last four months of the fiscal year.
State Budget Director John Hicks noted that the $110.6 million of General Fund revenue growth from February point to the strong fiscal condition of the Commonwealth. "Despite the 10 percent reduction to the rate of income tax withholding that began on January 1, state revenues grew by $185.7 million during the previous two months. Sales and use tax receipts grew by 18.4 percent, reflecting $59 million of the February increase, income tax withholding receipts grew by over $13 million, and income on investments grew by over $16 million. Broadly-based revenue growth is indicative of an economy with a vibrant business community, strong wage gains for Kentucky households, and a confident consumer economy."
Among the major accounts:
This story was posted on 2023-03-10 07:53:27
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