Kentucky’s two financial funds — General and Road — ended the fiscal year June 30 on a positive note, doing better than expected, state budget director John Chilton said Monday.
Chilton said the General Fund, which pays for most state programs, exceeded estimates by $49 million in receipts for the year, while the Road Fund, which pays for state highways and other transportation programs , exceeded estimates by $36.6 million.
General Fund receipts rose 1.9 percent in June, while Road Fund receipts jumped 9.5 percent in June.
General Fund receipts rose for the sixth consecutive year and topped $10 billion for the first time, Chilton said. They totaled $10.3 billion, or 3.7 percent more than the previous year’s collections.
Final General Fund revenues were $49 million, or 0.5 percent, more than the official revenue estimate, which projected 3.2 percent growth.
Road Fund revenues for fiscal year 2016 totaled $1.48 billion, a decrease of 2.9 percent from the previous fiscal year.
Road Fund collections for 2016 exceeded the official estimate by $36.6 million, or 2.5 percent. It is the eighth time in 10 years that Road Fund revenues have been within 2.5 percent of the official estimate.
Chilton said in a news release that he was pleased with the state’s revenue picture and expressed optimism that the state is making financial strides.
He said the Consensus Forecasting Group, a group of independent economists that makes financial projections for the state, continues to accurately project collections.
“In general, I am quite pleased at the pace in which we have tackled major budgetary issues, likes pensions, while remaining balanced at the end of the fiscal year.”
Total receipts were $44.2 million less than fiscal year 2015 levels as motor fuels tax receipts fell by over $100 million.