WKU Public Radio News Staff
Economy /Declining State Revenues
Fri August 10, 2012
Kentucky's General Government Revenue Declines
A report released by State Budget Director Mary Lassiter reveals that receipts from both the state's sales and income taxes declined in July. Lassiter says she still expects the state to meet projections of modest revenue growth over the remainder of the new fiscal year, despite declines in general fund revenue for three of the past four months.
Sales tax receipts in Kentucky last month dropped 5.6 percent, while individual income tax receipts declined by 4.3 percent. Several other sources of revenue were also lower for the month, including cigarette taxes, which fell by 17 percent. Coal severance tax receipts lost more than 18 percent.
The State Budget Director says Kentucky is reporting modest increases in collections from corporate income taxes, lottery revenue, and property taxes.