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Brighter Picture For State Revenue

Kentucky general fund revenues grew 6.6 percent in January — a $45 million increase over last year. Budget Director Mary Lassiter reports the state is likely to meet or slightly exceed the revenue estimate for the year. The result would be a balanced state budget or even a small surplus.

The one revenue source not growing – sales tax receipts. Lassiter says that’s a sign of Kentucky’s high unemployment rate.

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Local News

Kentucky FY10 Receipts Down, But Outlook Positive

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.