Kentucky revenue climbs 8.3 percent in May

bmusgrave@herald-leader.comJune 10, 2013 

FRANKFORT — The state collected more revenue than expected in May, causing officials to say they are cautiously optimistic the state will meet its budget for the fiscal year that ends June 30.

The Office of State Budget Director released numbers Monday showing General Fund revenue of $793.9 million for May 2013, up nearly $60.8 million, or 8.3 percent, from May 2012.

The state budget calls for revenue growth of 2.4 percent for the fiscal year. Receipts grew 2.7 percent in the first 11 months of the year. To meet the revenue estimate of $9.3 billion, June receipts must equal $917.2 million. In June 2012, the state collected $918.5 million.

"While it is tempting to assume that June receipts will build on the slight momentum from May, the receipts from June 2012 present a very high benchmark and receipts have declined in three of 11 months this fiscal year," said Jane Driskell, the state budget director.

If revenues do not meet budgeted estimates, the state will have to find money or make cuts.

Road Fund receipts, which are used to pay for transportation projects, declined 0.1 percent in May from the previous year. The state's Road Fund budget calls for 3.9 percent growth for the fiscal year. To meet that projection, June receipts will have to grow 5.2 percent from the previous June.

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