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State begins new fiscal year with revenue increase

August 10, 2010 | | Comments 4

By John Cheves – jcheves@herald-leader.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.

Filed Under: State BudgetState Government

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  1. Shorty Tigg says:

    yay! :)

  2. Citizen says:

    I’m sure Gov. Beshear is still going to furlough our police and civil servants. Everyday police and the courts lock criminals up and Steve Beshear let’s them out. It’s time for a change in Frankfort. Maybe the Tea Party can get it done.

  3. twt says:

    Will this prevent the state from furloughing employees? Doubt it. Right now they can’t decide which days to let the employees take. Made several changes. Just wait until next year to let people figure what they are going to do!

  4. Don says:

    Hmmm-lawsuit-no furlougs-found money. Gov race-2011 found money. Dems in trouble-found money. Was it there all the time or is the State scurrying around looking for money to stop furloughs lawsuit dropped, make Gov look like he is actually doing something and face it the economy is killing the dems, can’t blame Bush forever. Got to find something to make them look better elections are around the corner