Kentucky revenue up slightly in March | News | Kentucky Roofing Contractors Association

Home | News |

Kentucky revenue up slightly in March

Kentucky's revenue receipts for March were up 2.2 percent compared with the previous year, which signals a slight improvement in the state's overall revenue outlook, according to www.bluegrasspolitics.bloginky.com. General Fund revenues were $652 million compared with $637.8 million in March 2009.

The Consensus Forecasting Group, which is a panel of economists who predict state revenue, projected an overall 2.7 percent decline for the entire fiscal year, which began July 1, 2009; receipts must decline 0.9 percent during the last three months of the fiscal year to meet that projection.

Road Fund receipts, which fuel most of Kentucky's transportation budget, increased 9.1 percent compared with March 2009, with receipts totaling $103.2 million. However, the state is not out of financial trouble.

"Although General Fund collections were improved relative to last year's activity, there remains weakness in the consumer sector as evidenced by a 1.6 percent decline in sales and use tax receipts," says State Budget Director Mary Lassiter.

Additionally, individual income taxes, which are another significant part of Kentucky's income, are lagging as a result of the state's high unemployment rate.

Kentucky still is waiting to hear whether the House and Senate have agreed on a budget for the next two years. Key differences have been worked out except for differences regarding funding for construction projects.

4/14/2010