Ky. tax collections fall but not enough to threaten budget
Kentucky collected less tax money in May, but the decrease was likely not enough to endanger the state’s budget projections.
State budget officials announced Wednesday they collected $14.2 million less in May than they did a year ago. State officials had predicted a 3.4 percent growth for the year. But overall tax collections have grown 5.4 percent over the past 11 months of the fiscal year. That means June collections can fall by as much as $121.9 million and the state would still not finish with a deficit.
Things are not as rosy for the state’s road fund. Gas tax collections fell 4.1 percent in May. State Budget Director Jane Driskell projects the road fund will end the year with an $11 million shortfall.