FRANKFORT — Kentucky revenues were up in October, state budget numbers released Friday show.
Total revenues rose 3.7 percent in October from October of the previous year, numbers from the Office of State Budget Director show. Revenues were $725.5 million, up from $699.8 million in October 2011. State revenues need to grow 2.4 percent for the next eight months to meet the revenue projection for this fiscal year, which is $9.3 billion.
"Revenues remain on pace to meet budgeted levels, but we are closely watching several accounts which have recently under-performed," said State Budget Director Mary Lassiter. "In addition to the documented weakness in the coal sector, sales tax collections have been lackluster through the first four months of fiscal year 2013 with a 1.4 percent decline."
Road fund receipts — which are used to fund transportation projects — have increased 19 percent from October 2011. The growth in the fund was due to stronger vehicle and fuel sales.
Beth Musgrave: (502) 875-3793. Twitter: @BGPolitics. Blog: bluegrasspolitics.bloginky.com