The Office of State Budget Director announced on Friday that April receipts in both the General Fund and Road Fund saw increases over a year ago, putting them in line to reach the official revenue estimate for the fiscal year ending June 30 (FY24).
April’s General Fund receipts grew 2.0 percent with collections of $1,825.1 million, an increase of $36.3 million over what was received in April 2023. Among the major accounts, sales and gross receipts, and the major business taxes increased in April, offsetting declines in individual income and property taxes. Total receipts in the General Fund have now grown 3.6 percent through the first ten months of FY24.
The official revenue estimate calls for growth of 2.7 percent for the current fiscal year. To meet the FY24 budgeted estimate, receipts can decline 2.2 percent over the last two months of the fiscal year.
State Budget Director John Hicks said, “General Fund collections in April were the second-highest month in state history, surpassed only by April 2022. April is typically the highest month of collections each year due to corporation and individual income taxes, which have key collection dates for estimated payments and tax returns in the month of April. Receipts were driven higher this April due to growth in the pass-through entity tax (PTET) and the limited liability entity tax (LLET). Strength in business taxes in Kentucky demonstrates that the Commonwealth is a favorable place to locate and expand businesses of all types.”
Road Fund receipts for April totaled $168.6 million, a 9.9 percent increase compared to April 2023 levels. Year-to-date growth in collections now stand at 7.6 percent. The official Road Fund revenue estimate calls for revenues to increase 7.3 percent for the fiscal year. Based on year-to-date tax collections, revenues must increase 6.0 percent for the remainder of the year to meet the estimate.
To read the full report, you can go to https://osbd.ky.gov/Pages/default.aspx.
By Tom Latek, Kentucky Today
