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Mon June 10, 2013
Kentucky's General Fund Revenue Increases in May
The state's top budget official is reporting an 8.3 percent increase in General Fund revenue in May, largely thanks to improved collections from the sales tax, individual income taxes and property taxes.
Budget Director Jane Driskell released a monthly revenue report on Monday. The report showed property tax collections increased by 75.2 percent in May. Individual income tax receipts rose by 8.3 percent. And sales tax receipts were up 5.2 percent.
That's a major shift from April when nearly every major revenue source for the state was down.
Revenue from the state's coal severance tax decreased by 33.8 percent in May, and cigarette tax collections were down 21.9 percent. Road Fund collections were down by less than 1 percent in May.
2013 KY General Assembly