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KY General Fund and Road Fund receipts for May 2019
General Fund receipts through 11 months have risen 6.0 Percent
Road Fund receipts through 11 months have risen 3.7 Percent
By John E. Chilton/Greg Harkenrider
Frankfort, KY - State Budget Director John Chilton reported today that General Fund receipts jumped 20.9 percent in May with revenues of $850.0 million. May's receipts compare favorably to the $703.1 million collected in May 2018. Through the first eleven months of FY19, the General Fund has grown 6.0 percent. The official General Fund revenue estimate for FY19 calls for revenue to grow 3.3 percent compared to FY18 actual receipts. After May's collections are included, General Fund revenues could fall 20.6 percent in June and still meet the official estimate.
Chilton has identified the primary driver of the May outburst of revenue. "As mentioned in recent months, 2018 tax reform contributed to the increase in General Fund revenue. The sales and cigarette taxes produced large increases (16.8 percent and 67.9 percent, respectively) due to the 83.3 percent increase in the cigarette tax rate and the extension of sales taxes to selected services.
Aside from growth in those consumption taxes, total income taxes grew 17.1 percent -- largely due to a timing issue that overstated the net returns portion of the individual income tax in April 2018, and understated May 2018, by $41.2 million. Notwithstanding the timing issues, the trend in FY19 has shown net increases in the amount paid on filed individual income tax returns. The large swing in net amount paid on individual income tax returns, and smaller refunds, is attributable to the income tax changes that eliminated certain deductions, thereby increasing the amount of individual income subject to the tax -- albeit at the reduced income tax rate. The growth in tax revenues has put the General Fund in excellent position to exceed the official budgeted estimate of fiscal year revenue of $11,198.2 million. Kentucky is not alone among states that are also well poised to exceed their FY19 estimates, due in large part to a continued strong economy."
Among the major General Fund accounts:
Road Fund receipts rose 6.1 percent in May with collections of $143.8 million. Year-to-date collections have grown 3.7 percent compared to last year's total. The official Road Fund revenue estimate calls for a 0.3 percent decrease in receipts for the entire FY19. Based on year-to-date collections, revenues can fall 42.0 percent in June and still meet that estimate.
Among the Road Fund accounts:
This story was posted on 2019-06-11 05:39:07
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