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.
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.
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.
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.
Kentucky’s General Fund receipts increased by more than 5 percent in September, thanks in part to a big increase in corporate income tax revenue. Those receipts increased by more than 26 percent. Lottery and individual income tax receipts also rose by more than 8 percent. State Budget Director Mary Lassiter says those increases helped offset losses in property, cigarette, and coal severance tax revenues. She says the coal revenue fell about 19 percent due to a downturn in the state’s mining industry.