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General Fund and Road Fund receipts for September 2021
Road Fund receipts for September totaled $137.6 million and were 5.0 percent above September 2020 levels. For the first three months of the fiscal year, collections have risen 3.5 percent.
Hicks noted that collections were solid across all the major accounts and that the $225.0 million settlement provided an extra one-time boost to the General Fund.
"The settlement was a great benefit to the Commonwealth's finances. Equally positive fiscal news is that all of the General Fund's major taxes continue their strong performance. September receipts from the corporate income tax was the largest amount collected in one month in the last 15 years reflecting strong corporate profits. Collectively, the sales tax, individual income tax, and major business taxes have grown 12.7 percent in FY22 - providing a solid platform for overall revenue growth. Kentucky, like many other states, is witnessing some of the strongest overall revenue growth in over a decade."
Based on September's results, General Fund revenues can decline 15.7 percent for the remainder of the fiscal year and still meet the budgeted estimate. The Consensus Forecasting Group is in the process of revising the official revenue estimates with the next meeting scheduled for October 14th before finalizing the estimates in December.
Among the major accounts:
Among the accounts:
This story was posted on 2021-10-12 15:12:02
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