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Kentucky revenues drop 4 percent in October

Revenues in Kentucky remained behind budgeted requirements through October, signaling that more budget cuts will be likely this fiscal year, according to The Courier-Journal. Tax receipts to Kentucky's general fund for October totaled $652 million, which is about 4 percent less than the $680 million collected in October 2008.

Revenues were down 5.2 percent during the first four months of this fiscal year compared with the same period last year. To reach the state's budgeted expectation of $8.3 billion, revenues must increase 0.2 percent during the final eight months of this fiscal year, which ends June 30, 2010.

Income tax receipts decreased 9.5 percent compared with October 2008, and sales tax receipts fell 4.3 percent. Corporation income tax receipts dropped 82 percent during October and were down 44 percent through the first four months of the fiscal year.

As a result of the general assembly raising the cigarette tax from 30 cents to 60 cents per pack earlier this year, cigarette tax revenues increased 53 percent during October and are up 72 percent for the year.

Kentucky's forecasting team will meet in late December to officially predict revenues for the current fiscal year, as well as for the 2010-2012 budget.

11/12/2009