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KY General Fund and Road Fund receipts for April 2024

From John Hicks/Greg Harkenrider

Frankfort, KY - The Office of State Budget Director reported on May 10, 2024, that April's General Fund receipts grew 2.0 percent with collections of $1,825.1 million, an increase of $36.3 million over what was received in April 2023. Among the major accounts, sales and gross receipts, and the major business taxes increased in April, offsetting declines in individual income and property taxes. Total receipts in the General Fund have now grown 3.6 percent through the first ten months of FY24.

The official revenue estimate calls for growth of 2.7 percent for the current fiscal year. To meet the FY24 budgeted estimate, receipts can decline 2.2 percent over the last two months of the fiscal year.

State Budget Director John Hicks remarked: "General Fund collections in April were the second highest month in state history, surpassed only by April 2022. April is typically the highest month of collections each year due to corporation and individual income taxes, which have key collection dates for estimated payments and tax returns in the month of April. Receipts were driven higher this April due to growth in the pass-through entity tax (PTET) and the limited liability entity tax (LLET). Strength in business taxes in Kentucky demonstrates that the Commonwealth is a favorable place to locate and expand businesses of all types."

Among the major accounts:
  • Sales and use tax receipts grew 1.4 percent to $524.5 million while year-to-date collections have increased 5.0 percent. Sales and use tax collections have now risen for 24 consecutive months.

  • Corporation income and LLET tax receipts had double-digit growth for the second consecutive month. Revenues rose 12.6 percent in April but have declined 1.8 percent year-to-date.

  • Individual income tax collections fell 2.4 percent in April but were once again dominated by $189.6 million in PTET receipts. Withholding receipts fell 19.9 percent in April, declarations were down 23.3 percent and net returns were off 45.7 percent.

  • Property tax collections fell 25.2 percent in April, primarily due to declines in motor vehicle and omitted and delinquent receipts. Receipts have increased 3.2 percent year-to-date.

  • Cigarette tax receipts grew 45.2 percent in April but have fallen 5.8 percent year-to-date.

  • Coal severance tax receipts decreased 8.0 percent to $7.1 million in April. Revenues have declined 19.3 percent year-to-date.

  • Interest income from investments posted receipts of $25.5 million, growing 37.3 percent compared to the same month last fiscal year.

Road Fund receipts for April totaled $168.6 million, a 9.9 percent increase compared to April 2023 levels. Year-to-date growth in collections now stand at 7.6 percent. The official Road Fund revenue estimate calls for revenues to increase 7.3 percent for the fiscal year. Based on year-to-date tax collections, revenues must increase 6.0 percent for the remainder of the year to meet the estimate.

Among the accounts, motor fuel revenue rose 6.5 percent in April. Motor vehicle usage tax collections grew 18.0 percent while license and privilege receipts were up 3.3 percent.

This story was posted on 2024-05-10 14:00:10
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