| ||||||||||
Dr. Ronald P. Rogers CHIROPRACTOR Support for your body's natural healing capabilities 270-384-5554 Click here for details Columbia Gas Dept. GAS LEAK or GAS SMELL Contact Numbers 24 hrs/ 365 days 270-384-2006 or 9-1-1 Call before you dig Visit ColumbiaMagazine's Directory of Churches Addresses, times, phone numbers and more for churches in Adair County Find Great Stuff in ColumbiaMagazine's Classified Ads Antiques, Help Wanted, Autos, Real Estate, Legal Notices, More... |
State's April General Fund revenue breaks record What's up, what's down - UP - Sales/use Tax. Road fund receipts. Corporation income tax. Individual tax. Property tax. Kentucky Press News Service Original Story URL FRANKFORT, KY - (Thu 10 May 2018) The office of State Budget Director said Thursday that April's General Fund receipts rebounded from a below par March with the largest collection month in the history of Kentucky. Collections grew 6.3 percent compared to April of last year, an increase of $69.5 million, a news release from the budget director's office said. Total revenues for the month were $1.165 billion, compared to $1.095 billion received during April 2017. Receipts have now grown 4.1 percent for the first 10 months of fiscal year 2018. Four months ago, in December 2017, the Consensus Forecasting Group lowered its official estimate of FY18 receipts by $138.5 million. In response, Gov. Many Bevin issued a Budget Reduction Order that reduced spending by the amount of the shortfall. The revised revenue estimate calls for 2.3 percent revenue growth for the entire fiscal year. To meet the revised official revenue estimate, receipts can decline 6.5 percent over the last two months of the fiscal year. Economists in the budget director's office recently released an interim revenue estimate in which they called for revenues to grow 3.4 percent in FY18, an increase of $110.7 million compared to revised budgeted levels, thereby recovering a major portion of the fiscal year shortfall projected in December. State Budget Director John Chilton said that while April saw a large increase in receipts, those gains could easily evaporate over the final two months of the fiscal year. "Almost all of the increase in April tax collections came from the income taxes, corporation and individual. These accounts have historically exhibited significant fluctuations during the final quarter of the fiscal year, and the volatility this year will be amplified due to the recently enacted federal and state tax law changes. Even though receipts are in a strong position relative to levels in the revenue estimates, changes to the withholding tables could potentially erode some of the year-to-date gains," Chilton said in the release. "Additionally, after seven months of solid growth, sales tax collections registered tepid growth of 0.3 percent in April. In summary, we are very pleased with April collections and cautiously optimistic about the path of revenue growth for the remainder of FY18 and beyond." Among the major accounts: Sales and use tax receipts increased 0.3 percent for the month after growing in excess of 3 percent in each of the past seven months. Year-to-date collections have grown 3.1 percent. Corporation income tax receipts rose 61.1 percent in April and have increased 12.3 percent for the year. Both declarations and net returns receipts increased significantly in April. Individual income tax collections grew 4.7 percent in April and have grown 5.1 percent though the first ten months of FY18. Withholding receipts, while strong on a year-to-date basis, fell 3.8 percent in April. The remaining accounts, declarations, net returns and fiduciary, all increased for the month. Property tax collections rose 7.5 percent and are up 3.9 percent year-to-date. Cigarette tax receipts declined 14.1 percent in April and have fallen 5.6 percent year-to-date. Coal severance tax receipts fell 11.8 percent and are down 11.0 percent year-to-date. Road Fund receipts grew 8.8 percent in April on the strength of motor vehicle license collections. Revenue totaled $134.9 million for the month, $11.0 million more than last year. Year-to-date collection now stand at 0.1 percent. The official Road Fund revenue estimate call for revenues to decline 0.3 percent for the fiscal year. Based on year-to-date tax collections, revenues can fall 2.4 percent for the remainder of the year to meet the estimate. The recently released interim revenue estimate calls for Road Fund revenues to end the year at -0.8 percent, or $7.9 million below budgeted levels. Among the accounts, motor fuel revenue fell 0.4 percent, motor vehicle usage tax collections rose 3.6 percent and license and privilege receipts increased 42.6 percent. This story was posted on 2018-05-10 12:19:08
Printable: this page is now automatically formatted for printing.
Have comments or corrections for this story? Use our contact form and let us know. More articles from topic Kentucky:
Youth Apprenticeship Programs underway in Barren Co., KY Traffic Advisory- Lane closures WKY Parkway in Hardin Co. KY Alliant Technologies adding 30 jobs in nearby Glasgow, KY Leathers new Commissioner of Dept of Workforce Investment Scam Alert: Do some digging before investing in gold Unemployment improves year-to-year in most local counties KY receives more than $102 million in tobacco settlement money Surplus state fleet vehicle auction 10amET, April 24 Scenic Kentucky: Sleep In A WigWam Kentucky AG secures $398,000 settlement from Michigan firm View even more articles in topic Kentucky |
|
||||||||
| ||||||||||
Quick Links to Popular Features
Looking for a story or picture? Try our Photo Archive or our Stories Archive for all the information that's appeared on ColumbiaMagazine.com. | ||||||||||
Contact us: Columbia Magazine and columbiamagazine.com are published by Linda Waggener and Pen Waggener, PO Box 906, Columbia, KY 42728. Please use our contact page, or send questions about technical issues with this site to webmaster@columbiamagazine.com. All logos and trademarks used on this site are property of their respective owners. All comments remain the property and responsibility of their posters, all articles and photos remain the property of their creators, and all the rest is copyright 1995-Present by Columbia Magazine. Privacy policy: use of this site requires no sharing of information. Voluntarily shared information may be published and made available to the public on this site and/or stored electronically. Anonymous submissions will be subject to additional verification. Cookies are not required to use our site. However, if you have cookies enabled in your web browser, some of our advertisers may use cookies for interest-based advertising across multiple domains. For more information about third-party advertising, visit the NAI web privacy site.
|