Kentucky Revenue Growth Continues

Another month of strong tax collections is a good sign for Kentucky, as the state continues digging its way out of the recession.

State revenue collections last month were $844 million, compared to $788 million in December 2009. That’s an increase of more than seven percent. In the first six months of the fiscal year, state revenue receipts have risen 5.4 percent. The enacted budget calls for a growth rate of 4.2 percent.

Sales and use tax receipts, individual income, and property tax collections rose last month, but corporate income, cigarette tax and coal severance tax receipts were down.

Road Fund receipts last month were almost 12 percent higher than December 2009 levels and remain well ahead of budget projections.

State Budget Director Mary Lassiter is encouraged by the revenue numbers, but expects growth in the remainder of the fiscal year, which ends June 30th, to be “tempered.”

Published by Tony McVeigh

Veteran broadcast journalist Tony McVeigh has been covering Kentucky politics since 1986, reporting for Clear Channel Communications before joining Kentucky Public Radio in 2004. His stories are aired by seven KPR affiliates, whose signals blanket the Commonwealth and parts of surrounding states. McVeigh began his broadcasting career at WRFC in Athens, Georgia, while earning a Bachelor of Arts in Journalism from the University of Georgia. He has extensive anchor/reporter experience, including stints with South Carolina Network and Georgia Radio News Service in Atlanta. In 2007 and 2008, McVeigh was named Best Radio Reporter in the Kentucky Associated Press Awards. He also picked up consecutive AP Awards for Best Political Coverage. McVeigh won four Kentucky AP Awards in 2009, six in 2010 - including Best Political Coverage and Best Hard News Feature - and three in 2011. His coverage of the 2007 Kentucky governor's race topped the Political Reporting category of the Society of Professional Journalists Green Eyeshade Awards of 2008. In 2009, McVeigh placed second in Courts and Law Reporting in the Atlanta-based competition for journalists in 11 Southern states. McVeigh is also the proud recipient of an Individual Liberty Award from the Kentucky Association of Criminal Defense Lawyers. The Brunswick, Georgia, native is a die-hard UGA football fan who enjoys photography, astronomy, live music, hiking Kentucky's Red River Gorge and exploring the state's beautiful back roads. McVeigh and his big, fat, black cat Simon, reside in Frankfort, KY.