Kentucky's general fund receipts fell 3.3% in January compared to January 2009, a decrease of $23.9 million.

Total revenue for the month was $698.6 million, compared to $722.5 million during January 2009. Receipts have now fallen 4.4% for the first seven months of fiscal 2010, the state budget office reported.

The Dec. 21 official revenue forecast called for a 2.7% decline for the entire fiscal year. General fund tax receipts have now fallen nine of the last 10 months, budget director Mary Lassiter said in a release.

"Our panel of [economic] experts cautioned that we might see several more months of soft tax collections due to the continued weakness in national and state employment," she said.

"We will continue to monitor both sides of the fiscal ledger very closely as we are reminded now, more than ever, that every dollar in the state budget should be managed carefully and prudently," she said.

Road fund receipts for January totaled $91.1 million, a 0.2% increase over January 2009 levels.

Sales and use tax receipts increased 3.9% for the month but have declined 4.1% year-to-date.

Corporate income tax receipts fell 34.2%. Individual income tax collections dropped 1.1% and have fallen 6.9% though the first seven months of the fiscal year. Property tax collections were off 13.8%, and 0.8% year-to-date.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.