General fund increases as road fund decreases in September
FRANKFORT, Ky. (AP) – Kentucky state officials collected $24 million more in taxes last month than they did a year ago, keeping pace with official estimates.
Revenue for the state’s general fund, mostly made up of income and sales taxes, grew 2.6 percent in September. State revenue has grown 4.5 percent in the first quarter of the budget year that ends June 30.
But Kentucky’s road fund did not fare well. The fund made up mostly of gasoline taxes fell 20.5 percent in September, mostly because of a drop in the tax rate. Lawmakers had planned for the fund to increase 2.1 percent this year. But for that to happen, collections would have to increase 5.8 percent for the rest of the year.
The Consensus Forecasting Group meets Tuesday to revise official forecasts for the next biennium.
Copyright 2015 The Associated Press.