Kentucky’s general fund receipts for July, the first month of fiscal 2012, were $693.2 million, a 6.9% rise from last July, budget director Mary Lassiter said.
“Kentucky has seen a strengthening of general fund revenue collections for the past five quarters and the commonwealth’s economic recovery is continuing into the new fiscal year,” Lassiter said. “The consensus forecasting group last week affirmed that revenue growth is ahead of pace by predicting that general fund receipts will exceed the budgeted levels by $192 million.”
Results for the first month of the fiscal year showed that individual income taxes grew 11.5% while sales tax revenue was up 6.8%. Corporate income tax rose $8.4 million while cigarette taxes continued a path of decline with a 10.6% dip in July.
Property taxes fell $12.6 million while coal severance-tax revenue increased 18.1%. Lottery revenue grew 3.4% and road fund revenues for July totaled $104.7 million, an increase of 2.3%.