Government
4:50 pm
Wed July 10, 2013

General Fund Revenue Up 3rd Straight Year in Ky.

Kentucky has ended the third consecutive fiscal year with General Fund revenue growth — continued good news for a state that had seen tax collections plummet during the economic recession.

Budget Director Jane Driskell said collections were up 2.8 percent to more than $9.3 billion for the 12-month period that ended June 30.

Collections ended up being some $40 million more than expected.

Driskell said her office has now "closed the books" on revenue and will do the same for expenditures later this month. She noted that revenue showed "positive growth" in each quarter of the fiscal year.

Individual income tax collections were the largest source of General Fund revenue, exceeding $3.7 billion. That was followed by sales tax receipts that topped $3 billion.