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Fri August 10, 2012
State Government Revenue Falls 2.3% In July
FRANKFORT, Ky. -- Kentucky's general government revenue was down in July, largely because of drops in receipts from the state's sales and income taxes.
Budget Director Mary Lassiter released the latest tax collection figures on Friday.
Lassiter said she expects the state to meet projections of modest revenue growth over the next year, despite declines in general fund revenue over three of the past four months.
The biggest July losses were in individual income tax receipts, which were down 4.3 percent. Sales tax receipts dropped by 5.6 percent.
Receipts from the state's cigarette tax fell by 17 percent. And coal severance tax receipts plummeted 18.7 percent.
Lassiter reported modest increases in collections from corporate income taxes, property taxes and lottery revenue.