Kentucky General Fund

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Though tax receipts into Kentucky’s general fund grew for the seventh year in a row, the state was still short about $135 million compared to predictions.

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Attorney General Andy Beshear says he'll transfer nearly $2.8 million to Kentucky's General Fund from his office's settlement with Volkswagen. 

Kentucky Revenue Receipts Suggest Slow Growth

Aug 11, 2014
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New data released by the state’s budget office suggest that Kentucky’s General Fund isn’t growing fast enough, and could lead to another budget shortfall.

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Kentucky officials report a 3.5 percent drop in tax collections for December, but say state revenue is up slightly for the first six months of the fiscal year.  State Budget Director Jane Driskell says December’s General Fund revenue totaled almost $913 million, a drop of over $33 million for the same month in 2012.  Driskell says 2012 collections included a $25 million windfall due to a taxpayer amnesty.  

An increase in tax collections in September has provided a needed boost to the Kentucky’s General Fund, which had been struggling with flat revenues in recent months.

State Budget Director Jane Driskell said yesterday that General Fund receipts were up 4% last month compared with a year ago. Revenue topped $920 million, compared with $885 million in September 2012.

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State Budget Director Jane Driskell announced Friday that Kentucky closed the 2012-2013 fiscal year with a General Fund surplus of $70.6 million.

Officials attribute the surplus to slowed spending by cash-strapped state agencies, as well as a small bump in General Fund revenues. Driskell warns, however, that the fiscal year that just began July 1 extends the budget cuts that were in place last year, and state agencies will continue the challenges of delivering services with fewer dollars and higher costs.

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.

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.

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Kentucky's General Fund is on pace to meet its tax revenue goals for this fiscal year despite Kentuckians' cautious spending habits says a state official.

State Budget Director Jane Driskell says overall tax receipts are 2.6 percent higher than they were this time last year. The uptick is partially attributed to an increase in revenue from corporate and individual income taxes, which jumped 12.7 percent and 5.7 percent respectively. The fiscal year ends June 30.

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A tax amnesty program is being credited with pushing up General Fund revenue by 3.8 percent in January. State Budget Director Jane Driskell says individual income tax revenue rose by more than 35 percent and corporate income tax receipts rose nearly 83 percent as those who took advantage of the amnesty offer paid up.

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