Is Kentucky's Economy On The Road To Recovery?
Frankfort, KY – Kentucky continues to emerge from the recession, with General Fund receipts posting two consecutive quarters of growth.
State tax receipts last month were $764 million, or 5.3 percent higher than last September. Corporate tax receipts last month rose 62 percent. Lottery revenue was up slightly, along with individual income tax receipts.
On the downside, cigarette tax collections were off almost 17 percent and there was a five percent decline in coal severance tax receipts..
So far this fiscal year, General Fund revenues have grown 4.4 percent. To meet the official budget estimate, the growth rate for the remainder of the fiscal year must remain slightly above four percent.