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Kentucky Revenue Growth Continues

Another month of strong tax collections is a good sign for Kentucky, as the state continues digging its way out of the recession. State revenue collections last month were $844 million, compared to $788 million in December 2009. That’s an increase of more than seven percent. In the first six months of the fiscal year, state revenue receipts have risen 5.4 percent. The enacted budget calls for a growth rate of 4.2 percent. Sales and use tax receipts, individual income, and property tax collections rose last month, but corporate income, cigarette tax and coal severance tax receipts were down. Road Fund receipts last month were almost 12 percent higher than December 2009 levels and remain well ahead of budget projections. State Budget Director Mary Lassiter is encouraged by the revenue numbers, but expects growth in the remainder of the fiscal year, which ends June 30th, to be “tempered.”