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KY General fund and road fund receipts for March 2017 General Fund receipts decreased 11.4 percent, Road Fund receipts increased 3.2 percent By John E. Chilton/Greg Harkenrider Frankfort, KY - The Office of State Budget Director reported today that March's General Fund receipts fell 11.4 percent compared to March of last year, a decrease of $99.2 million. Total revenues for the month were $770.9 million, compared to $870.1 million during March 2016. Receipts have now grown 1.2 percent for the first nine months of FY17. For the quarter, total General Fund collections declined 3.2 percent, thus marking the first quarterly decline since the second quarter of FY14. Growth rates for the three quarters of FY17 have been 3.4, 3.3 and -3.2 percent. The official revenue estimate calls for 2.7 percent revenue growth for the fiscal year. To meet the estimate, receipts must grow 6.6 percent over the last three months of FY17. State Budget Director John Chilton noted that General Fund revenue collections were adversely affected this month by the individual and corporation income accounts. "Net of refunds, corporation income tax receipts declined by $67.4 million compared to last year, while individual income tax revenue, net of refunds, fell $44.7 million in the month of March. We believe that the decline involves issues of administrative timing and that seems to be the case in March. On the corporate side, the due date for federal corporate tax returns was permanently changed from March 15 until April 15, so we expect April receipts to include payments that in the past that would have been made in March. The quarterly decline of 3.2 percent means that General Fund collections need to grow 6.6 percent in the final quarter of the year to reach the official forecast. Fourth quarter collections last year grew only 0.6 percent which leaves open the possibility of strong growth for the final three months of FY17 to end the fiscal year somewhere near, yet likely below, the official estimate." Among the major accounts:
This story was posted on 2017-04-11 09:31:26
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