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Fri May 11, 2012
KY Reports Drop in Government Revenue in April
Kentucky is reporting a decline in general government revenue in April after several months of growth. State Budget Director Mary Lassiter says the nearly 1 percent drop in revenue isn't a sign that the economy has taken a step backward.
Lassiter says revenue figures released yesterday from the sales tax and individual income taxes remained strong, suggesting an expanding economy. Collections from corporate income dropped for the month, as did revenue from the property tax, cigarette tax and coal severance tax. Meanwhile, revenues coming into the state's Road Fund grew by more than 4 percent in April, driven largely by higher collections from the fuel tax.