Kentucky’s general fund collections increased 2.5% in August compared to a year earlier, according Mary Lassiter, the state budget director.
Total revenues for the month were $639.1 million, compared with $623.3 million in August 2011.
For the first two months of fiscal 2013, receipts have been nearly flat compared with state economists’ projections, Lassiter said.
“The increase in August receipts roughly offsets the decline we experienced in July,” she said. “It is premature to draw any conclusions for the entire year based upon just the first two months of receipts.”
Lassiter said the two largest general fund revenue sources, the individual income tax and the sales taxe, both started fiscal 2013 with year-to-date declines through August.
“We will be closely monitoring these taxes as the year progresses,” she said.
Individual income taxes increased 0.3% in August and year-to-date collections are down 2.1%. Sales tax revenues rose 2.2% in August but are down 2% through the first two months of the fiscal year. Cigarette taxes grew 3.8% in August and have fallen 6% for the year.
Coal severance taxes decreased by 19.4% in August and are down 19.1% for the year. Road fund receipts for the month totaled $130.4 million, a decrease of 2.9% from a year ago.