Kentucky’s General Fund receipts up 4.8 percent in July
State Budget Director John Chilton says Kentucky’s tax collections in July were up nearly 5 percent from a year ago.
Chilton said Wednesday that state General Fund receipts for July totaled $769.3 million, a 4.8 percent increase compared with receipts in July 2015. July is the first month of the fiscal year.
Chilton’s office reported big gains in income and property tax collections last month.
It says corporate income tax collections rose 36.6 percent above last July’s total, while individual income tax receipts were up 14 percent. Property tax receipts surged 56.2 percent. Sales tax revenues grew 3.3 percent.
Coal severance tax revenues declined 46.7 percent and cigarette tax collections fell 9.4 percent in July.
Despite the robust July collections, Chilton cautions that sustaining that revenue trend remains a concern.