By Beth Musgrave
FRANKFORT — Kentucky state government brought in $57 million more in taxes and other fees in March than it did last year, according to numbers released Tuesday.
General Fund revenues were up 8.4 percent in March compared to March 2011. Kentucky collected $738 million in March, compared to $675.8 million in March 2011, according to the Office of the State Budget Director.
March receipts continue an upward trend in state revenues over the past nine months. The official revenue estimate calls for 2.8 percent growth in revenue for the entire fiscal year, which ends June 30th. Revenues can decline 1.1 percent over the remaining three months of this fiscal year and still meet the official revenue estimate. Legislators use that estimate to craft a two-year budget.
If revenues do not meet the projection, the state will have to cut. If revenues come in over the projection, the money will go into the state’s “Rainy Day” fund.
Individual and corporate income taxes are still strong. Corporate income taxes have increased 45 percent this year and 9.0 percent in March. Individual income taxes grew 10.9 percent in March and have grown about 2.5 percent through the first nine months of the fiscal year, according to the Office of State Budget Director.
Road Fund receipts – used to fund transportation projects — also rose 6.1 percent over March 2011