Budget office reports improved revenue in December
FRANKFORT, Ky. (AP) — State Budget Director Mary Lassiter is reporting that Kentucky’s General Fund revenue rose substantially in December, despite lackluster growth in sales tax receipts and a decline in corporate income tax collections.
Lassiter released her monthly review on Thursday, showing General Fund revenue up by 4.9 percent and Road Fund receipts 6.2 percent higher.
Total General Fund revenue for the month was nearly $946 million. Road Fund revenue was more than $162 million.
Property tax collections grew 12.1 percent in December. Individual income tax receipts were up 10.1 percent. And sales tax revenue rose 1.7 percent.
Meanwhile, corporate income tax revenue fell by 11.6 percent. Coal severance tax receipts were down 18.7 percent. And collections from the state’s cigarette tax were flat.