State Budget Director Says General Fund Receipts Increase
The Office of the Budget Director for the State of Kentucky says General Fund receipts were up significantly last month. State Budget Director Mary Lassiter says General Fund receipts grew 8.4 percent in March, compared to March of last year.
That increase resulted in a jump in revenue of 57 million dollars over the previous year’s level. Receipts for the year have now grown 4.3 percent for fiscal year 2012.
The official revenue estimate calls for 2.8 percent revenue growth for the entire fiscal year, so to meet the estimate, receipts could decline as much as 1.1 percent over the final three months. State officials say revenues jumped 9.6 percent during the final three months of 2011, so it will be difficult to show an increase over those levels.
Corporate income tax receipts helped to lead the way to higher revenues in Kentucky last month, rising by nine percent.