by Kentucky Public Radio’s Tony McVeigh
There was an encouraging rise in Kentucky’s revenue receipts in May, compared to the same month last year.
State tax collections rose just over three percent last month, with total receipts exceeding $636 million. That’s compared to $617 million collected in May 2009.
For the first 11 months of the current fiscal, revenue receipts are down three percent, which exceeds the revenue estimate which calls for a 2.7 percent decline.
State Budget Director Mary Lassiter is encouraged by the uptick in collections last month, but says the state still could be facing a $33 million deficit this fiscal year, which ends June 30th. All eyes will be on the June receipts.
The Road Fund is doing much better, with receipts to date exceeding projections.