Slight Growth in KY Tax Receipts
Frankfort, KY – Tax receipts in Kentucky were up last month, but no one in Frankfort is clicking their heels just yet. The state collected $722 million in November, compared to $705 million last year. The 2.4% increase is the first positive growth in state revenue receipts in 11 months. Areas showing improvement include corporate income, cigarette, property, sales, and coal severance tax receipts. Individual income tax receipts and the Road Fund were down. Lottery revenues were flat. The state can still balance its budget, even if revenue collections fall slightly less than one percent over the next six months. The Consensus Forecasting Group meets December 21st to assess the latest numbers and decide if they need to make any adjustments to their current revenue projections.