Kentucky’s General Fund tax collections rose in past year
State budget officials say tax collections for Kentucky’s General Fund grew by nearly 4 percent in the past fiscal year, fueled by strong sales and individual income tax receipts.
The state’s budget director, John Chilton, led a team that reported on the state’s finances in a presentation Monday to Kentucky lawmakers. They say General Fund collections rose 3.7 percent to $10.3 billion in the 12-month period ending June 30.
The budget officials say sales and use tax revenues were up 6 percent from the prior year, while individual income tax collections rose 5.2 percent.
The biggest drop was in the coal severance tax, with receipts down 33 percent.
The officials say overall wage growth in Kentucky is expected to exceed 5 percent in the first half of the current fiscal year.