By John Cheves – email@example.com
Receipts for Kentucky’s General Fund were up 4.6 percent for July 2010, compared to July 2009, state budget director Mary Lassiter said Tuesday. Receipts for the state’s Road Fund were up 13.1 percent over the previous year, Lassiter said.
The General Fund is recovering from last summer’s particularly poor performance, Lassiter said.
“Starting the fiscal year on a strong note is certainly a welcome sign and hopefully an indication that the economic recovery will continue,” Lassiter said.
The state’s official revenue estimate for the General Fund calls for a 4.2 percent increase in Fiscal Year 2011, which started July 1, over Fiscal Year 2010.
The rising revenue sources in July 2010 included individual income taxes (up 3.3 percent), sales taxes (up 8.1 percent) and corporate income taxes (up 25.2 percent). Cigarette taxes fell 5.6 percent and property taxes fell 9.8 percent. Coal severance taxes were up by less than 1 percent.