FRANKFORT — Kentucky state government brought in $57 million more in taxes and other fees in March than it did last year, according to numbers released Tuesday.
General Fund revenue was up 8.4 percent in March compared with March 2011. Kentucky collected $732.8 million in March, compared with $675.8 million a year earlier, according to the Office of the State Budget Director.
March receipts continued the upward trend in state revenue during the past nine months. The official revenue estimate calls for 2.8 percent growth for the entire fiscal year, which ends June 30. Revenue can decline 1.1 percent during the remaining three months of this fiscal year and still meet the official estimate. Legislators use that estimate to craft a two-year budget.
If revenue does not meet the projection, the state will have to cut. If revenue exceeds the projection, the money will go into the state's "rainy day" fund.
Individual and corporate income taxes remain strong. Corporate income taxes have increased 45 percent this year and were up 9 percent in March. Individual income taxes grew 10.9 percent in March and have grown about 2.5 percent through the first nine months of the fiscal year, according to the budget director's office.
Road Fund receipts — used to finance transportation projects — rose 6.1 percent over March 2011.