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General Fund and Road Fund receipts for April 2023 From John Hicks/Greg Harkenrider Frankfort, KY - The Office of State Budget Director reported on Wednesday May 10, 2023, that April's General Fund receipts were the second highest monthly amount ever. They were slightly lower than last April due to the reduction in the individual income tax rate but remain on target to meet the official revenue estimate. Collections for the month of April were $1,788.7 million. Receipts have now grown 4.5 percent for the first 10 months of FY23. The official revenue estimate, modified by legislative actions of the 2023 General Assembly, calls for revenue growth of 3.3 percent for the current fiscal year. To meet the official revenue estimate, receipts can decline 2.1 percent over the last two months of the fiscal year. State Budget Director John Hicks remarked that April's revenue collections put Kentucky squarely on pace to hit the official revenue estimate for FY23. "The estimate calls for a $1.4 billion revenue surplus this year and we are on track to meet it. Despite the small overall decline of 2.7 percent, sales and business tax receipts were markedly higher. Excluding the individual income tax, the remaining revenue categories combined to increase 10.9 percent. April's decline in the individual income tax was impacted by the recent 10 percent tax rate reduction from 5 to 4.5 percent, and came on the heels of an 80.7 percent increase last April, so a pullback was expected." Among the major accounts:
Among the accounts, motor fuel revenue rose 7.7 percent in April. Collections from motor fuels have been limited in FY23 due to an emergency regulation filed last summer by Governor Beshear that froze the gasoline and special fuels tax rates to fight the effects of inflation and surging gasoline prices. The emergency regulation expired in late February, giving way to a statutorily-driven tax rate increase of two cents per gallon in March that will positively impact motor fuels tax receipts going forward. Motor vehicle usage tax collections fell 0.7 percent and license and privilege receipts were down 8.7 percent. This story was posted on 2023-05-11 15:21:13
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7-County Area Courts for Thu 11 May 2023 Arts Council meets Thursday evening in Columbia Boy Scouts go camping at Holmes Bend 7-County Area Courts for Wed 10 May 2023 CPD: K9 Rowdy has received donation of body armor Early voting opens to everyone on May 11 7-County Area Courts for Tue 9 May 2023 Second annual Duck Derby a success Courthouse Flag Charities ask for donations as KY 24 Hours of Giving returns View even more articles in topic News |
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