State Revenue Receipts Improve

Kentucky continues to show positive gains in state revenue receipts.

State General Fund receipts in April were up almost eight percent, or $62 million more than April 2010 collections. Receipts have grown 5.6 percent in the current fiscal year, which ends June 30th.

A growth rate of 4.5 percent was needed to balance the budget, and the state is already projecting a surplus of around $64 million.

However, disaster expenditures will consume about half of the surplus. The rest will go into the state’s depleted Budget Reserve Trust Fund.

State Budget Director Mary Lassiter says the robust rebound in General Fund receipts is “further evidence of a growing state economy.”

Sales and use taxes are up more than four percent this fiscal year. Corporate income taxes are up 22 percent. Also on the rise are individual income and coal severance tax collections. Property tax and cigarette tax collections are down this fiscal year.

State Road Fund receipts are up almost 12 percent over the previous fiscal year.

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.