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Tue November 12, 2013
State Government Revenue Declines In October
Kentucky is reporting a drop in government revenue for October, but officials remained optimistic that the dip won't be long-lived.
State Budget Director Jane Driskell released a monthly financial report Tuesday showing General Fund tax collections fell by 0.4 percent and that Road Fund receipts were off 6.4 percent.
A 46.7 percent decline in property tax collections overshadowed gains in some other key areas. Sales tax revenue jumped 5.3 percent for the month. And individual income tax collections rose 1.1 percent.
Revenue from the state's cigarette tax and the coal severance tax fell 4.8 percent and 5.4 percent respectively.
The hit to the Road Fund was the result of a 1.3 percent decline in fuel tax collections and a 15.6 percent decline in the motor vehicle usage tax.