Kentucky opens fiscal year with strong revenue collections
Published 5:48 am Wednesday, August 11, 2021
Kentucky’s surging revenue collections continued during the first month of the new fiscal year.
State General Fund receipts for July totaled $981.5 million, up 8.4% from the same month a year ago, state budget Director John Hicks reported Tuesday.
The $76.4 million increase in revenues was concentrated in the sales tax and business taxes, though most of the major revenue categories increased, he said.
Sales tax revenues grew 7.5% last month, Hicks said.
The General Fund pays for most state services, including education, health care and public safety.
Road Fund revenues for July totaled $137.9 million, up slightly from last July, Hicks said.
Estimates for both General Fund and Road Fund collections will be revised later this year, he said, to provide new revenue forecasts before lawmakers meet next year to work on the next state budget.
Kentucky’s General Fund ended the last fiscal year with a $1.1 billion surplus,