Politics & Government

Kentucky's General Fund receipts up 7.6 percent in August; Road Fund dips 5.4 percent

FRANKFORT — Receipts for Kentucky's General Fund, which pays for most state programs, were up 7.6 percent in August from a year ago, but revenue for the Road Fund, which pays for transportation projects, fell 5.4 percent.

State budget director Jane Driskell said strong growth in sales and individual income taxes (both up more than 10 percent) in August helped the General Fund, but a 17.4 percent drop in motor fuels tax collections hurt the Road Fund.

For the fiscal year, which began July 1, General Fund receipts are up 5.7 percent from the previous year.

General Fund receipts for August totaled $722.9 million, compared to $672 million in August 2014, an increase of $50.9 million. However, coal severance tax collections fell 33.9 percent to the second-smallest monthly total in 10 years, Driskell said.

The official revenue estimate for the General Fund for fiscal year 2016 calls is based on an increase of 1 percent over last year's actual receipts. Based on year-to-date collections, General Fund revenue needs to grow 0.3 percent for the rest of the fiscal year to meet the estimate.

Road Fund receipts for August totaled $133.5 million. The official revenue estimate for this fiscal year is based on a 2.1 percent over last year's actual receipts. The fund will need to grow 2.9 percent for the rest of the fiscal year to meet the official estimate.

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