Tax receipts jump in March for Kentucky's general fund and road fund

jbrammer@herald-leader.comApril 10, 2014 

FRANKFORT — Revenue for the state's general fund, which pays for most state programs, and the road fund, which pays for transportation projects, showed growth in March, the state budget director's office reported Thursday.

Receipts for the general fund in March increased 2.4 percent compared with March of last year — an increase of $17.7 million. Total revenue for the month was $753.5 million, compared with $735.8 million in March 2013.

Receipts have grown 1.5 percent for the first nine months of fiscal year 2014, which began July 1.

The official revenue estimate calls for 2.1 percent revenue growth for the entire fiscal year, which ends June 30. To meet the estimate, receipts must grow 3.9 percent over the last three months of this fiscal year.

State budget director Jane Driskell said that general fund revenue has rebounded in recent months. After growing 3.3 percent in the first quarter of the fiscal year, general fund receipts declined 0.7 percent in the second quarter and increased 2.1 percent in the third quarter.

"We remain confident that the official estimate is within reach, but revenues in excess of the official projection are becoming less likely," Driskell said.

For March, sales and use tax receipts increased 5.6 percent and have grown 3.1 percent year to date. Corporation income tax receipts grew 49.1 percent and have increased 17.8 percent for the year.

Individual income tax collections grew 2.7 percent in March, property tax collections decreased 4.9 percent, and cigarette tax receipts fell 2.9 percent.

Coal severance tax receipts declined 7 percent in March and have decreased 14.9 percent through the first nine months of this fiscal year.

Road fund receipts jumped 19.9 percent in March, with collections of $137.1 million. That's $22.8 million more than last March.

The official road fund revenue estimate calls for an increase in revenues of 6.1 percent for the fiscal year. Based on year-to-date tax collections, revenues must increase 2.7 percent for the remainder of this fiscal year to meet the estimate.

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

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