Kentucky FY10 Receipts Down, But Outlook Positive

by Rick Howlett on July 12, 2010

By Rick Howlett

State Budget Director Mary Lassiter says Kentucky’s General Fund receipts declined for the second straight year, the first time the state has seen a consecutive decline since the end of World War II.

She says tax collections for the just-ended fiscal year hit their lowest point in five years.

General Fund receipts for the period were just over $8.2 billion, a 2.4 percent decline from the previous year.

Lassiter says on the positive side, revenues improved over the course of the fiscal year, with the final quarter growing by 0.4 percent. She says it’s a hopeful sign that the economy has begun its turnaround.

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