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Mon September 10, 2012
August Receipts Up For Kentucky General Fund
FRANKFORT, Ky. -- State officials say Kentucky's General Fund receipts increased 2.5 percent in August over last year, while the Road Fund fell 2.9 percent from a year ago, the first monthly decline since June 2010.
The estimate for the year calls for General Fund revenue to increase 2.4 percent over last year. State Budget Director Mary Lassiter's office said revenues will have to grow 2.8 percent for the rest of the fiscal year to meet that.
Revenue fell 2.3 percent in July from a year ago.
Lassiter said the General Fund's two largest sources, individual income and sales taxes, have year-to-date declines through August.
The Road Fund estimate calls for a 3.9 percent increase for the year. For August, motor vehicle usage collections decreased 13.5 percent.