Kentucky Revenue Receipts Increase
The Office of State Budget Director Mary Lassiter says General Fund Receipts in the bluegrass state increased 3.8 percent in February, compared to February of 2011. Total revenues topped 574 million dollars, compared to just under 553 million dollars for the same month last year.
State Budget Director Lassiter believes sales and use tax receipts were key contributors to the improving revenue picture in Kentucky. She says sales tax collections alone were more than fifteen million dollars higher in February of this year than in February of last year.
The official Consensus Forecasting Group estimate calls for 2.8 percent revenue growth for the entire fiscal year, which ends June 30th. To meet that official estimate, receipts must grow one percent over the next four months.
Meanwhile, Road Fund receipts in Kentucky grew 5.4 percent in February, with collections totalling more than 118 million dollars.