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Kentucky's General Fund receipts rose 8.6 percent Fiscal health continued rise at last month of Gov. Beshear's Administration. Road Fund receipts rose 4.2 percent in December 2015 Click on headline for complete story From Commonwealth News Center FRANKFORT, KY (8 Jan 2016) - State Budget Director John E. Chilton reported today that General Fund receipts rose 8.6 percent in December compared to the same month last year, an increase of $79.2 million. Total revenues for the month were $996.8 million, compared to $917.6 million during December 2014. Receipts have now increased 4.0 percent for the first six months of the fiscal year that ends June 30, 2016. The Consensus Forecasting Group's official revenue forecast, which was revised on December 16, 2015, calls for 3.2 percent revenue growth for all of FY16. Revenues would need to grow 2.6 percent for the last six months of the fiscal year to meet the estimate. State Budget Director John E. Chilton noted that December receipts are the third largest monthly total ever; trailing only the two times collections exceeded $1 billion in the previous fiscal year. "Even accounting for timing issues in property taxes, revenue growth was solid in the major accounts; particularly sales and use, as well as individual and corporation income taxes. Receipts grew 3.5 percent in the second quarter and we are on pace to meet the official revenue estimate. We will continue to monitor receipts as well as the economic conditions of the Commonwealth." Among the major accounts:
Including all Road Fund taxes, receipts have declined 5.4 percent for the year. Official Road Fund estimates call for a decrease in revenues of 5.3 percent for the fiscal year. Based on year-to-date tax collections, revenues can decline 5.2 percent for the remainder of FY16 to meet the estimate. Chilton noted that while December motor vehicle usage tax collections of $52.2 million were inflated due to a timing issue; when November and December receipts are combined, growth still exceeded 18 percent. Among the other accounts, motor fuels receipts fell 19.7 percent in December, and are down 17.4 percent for the first six months. Motor vehicle usage revenue grew 52.9 percent in December and has increased 15.6 percent year-to-date. License and privilege receipts increased 12.4 percent for the month and have grown 5.9 percent for the year. This story was posted on 2016-01-10 07:21:43
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