Kentucky’s General Fund receipts fall short of estimates
FRANKFORT, Ky. (AP) – Budget officials say Kentucky’s General Fund revenues rose for the seventh straight year but fell short of revenue estimates.
State Budget Director John Chilton said Monday that General Fund receipts for the fiscal year ended June 30 were $138.5 million, or 1.3 percent, less than the official revenue estimate, which projected 2.7 percent growth.
Chilton says General Fund receipts for the year were 1.3 percent more than collections in the previous year.
He says revenues were on pace to reach the full-year growth estimate until a slump between March and June, due in large part to a plunge in corporate revenues in March.
Chilton says the forecasting challenge will be predicting when revenues will reverse the current four-month slide.
Officials say the Road Fund grew after two straight declining years.