FRANKFORT — The state Road Fund, which pays for highway projects, might come up $11 million short for the fiscal year that ends June 30.
State budget director Jane Driskell reported Wednesday that Road Fund receipts fell 4.1 percent last month compared to May 2014, with collections of $126 million. Year-to-date collections have fallen 1.5 percent.
The official Road Fund revenue estimate calls for a decrease of 0.9 percent for fiscal year 2015, which ends this month. Based on year-to-date tax collections, revenue must grow 5.6 percent in June to meet the estimate.
The most recent internal revenue estimate predicted a Road Fund shortfall of $11 million for the fiscal year, Driskell said.
State Transportation Cabinet spokesman Chuck Wolfe said it's not possible yet to say how a budget shortfall might affect the cabinet. The expected budget for the fiscal year is about $1.5 billion.
Among the accounts in the Road Fund, motor fuels receipts in May fell 16.8 percent. Motor vehicle usage revenue increased 2.6 percent, and license and privilege receipts grew 14.6 percent.
Meanwhile, collections for Kentucky's General Fund, which pays for most state programs, also dipped last month.
Driskell said May's General Fund receipts fell 1.8 percent compared to May of last year, a decrease of $14.2 million, but the fund still is expected to exceed budgeted amounts for this fiscal year. Revenue for the month totaled $763.1 million, compared to $777.3 million during May 2014.
Receipts for the General Fund have grown 5.4 percent for the first 11 months of fiscal 2015. The enacted budget called for 3.6 percent revenue growth for the fiscal year.
June collections can fall $121.9 million, or 12.5 percent, from June 2014 receipts and still meet budget expectations.
The strength of Kentucky's economy was demonstrated in growth of payroll withholdings, the largest component of individual income tax receipts. April's growth of 12.3 percent was followed by a 14.2 percent increase in May.