State revenue shows 'encouraging' gains in August

jbrammer@herald-leader.comSeptember 10, 2013 

FRANKFORT — Kentucky had a good month financially in August.

State budget director Jane C. Driskell reported Tuesday that receipts for the General Fund, which pays for most state programs, increased 3.8 percent in August compared to the same month last year.

Total revenue for the month was $663.7 million, compared to $639.1 million during August 2012.

General Fund receipts have increased 2.9 percent so far this fiscal year, which began July 1.

The official revenue estimate for this fiscal year calls for revenue to increase 1.9 percent compared to last year's receipts. Based on August results, General Fund revenue needs to grow 1.7 percent for the rest of the fiscal year to meet the official estimate.

Sales tax collections grew by 5.8 percent in August, which Driskell said was "particularly encouraging" given declines last year.

"An increase in construction activity appears to have helped boost August collections," she said.

Meanwhile, the state Road Fund, which pays for road projects, grew 8.3 percent in August with revenue of $141.3 million.

Road Fund revenue estimates call for a 5.1 percent increase in receipts for this fiscal year. Based on year-to-date collections, revenues must increase 5.1 percent for the rest of this fiscal year to meet the estimate.

Jack Brammer: (502) 227-1198. Twitter: @BGPolitics. Blog: bluegrasspolitics.bloginky.com

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