Kentucky Revenues Exceed Estimates By $166 Million

From Stu Johnson, Kentucky Public Radio

State officials hope higher than expected tax receipts translate into more jobs across Kentucky. The end of the fiscal year report shows general fund tax receipts came in $6.5-percent higher than anticipated.

State Budget Director Mary Lassiter says receipts exceeded estimates by $166 million.

She says the numbers signal a positive trend for the business sector.

“When they get to the point that they’re back in the black, then they are willing to make investments in their futures and that means hiring people,” she said.

There were increases in tax receipts in many categories, but not all. Receipts fell below the projections in areas like cigarette taxes, property taxes, and the state lottery.

Governor Steve Beshear says more than $100 million of the excess revenues will go into the state’s rainy day fund.