Kentucky's Budget Director Says No Need to Panic Over Revenue Decline
Kentucky is reporting a decline in general government revenue in April after several months of growth. State Budget Director Mary Lassiter said today the nearly 1% drop in revenue isn't a sign that the economy has taken a step backward.
Lassiter said revenue from the sales tax and individual income taxes remained strong, suggesting an expanding economy.
Collections from the corporate income tax dropped for the month, as did revenue from the property tax, cigarette tax, and coal severance tax.
Meanwhile, revenues coming into the state's road fund grew by more than 4% in April, driven largely by higher collections from the fuel tax.