KY Begins Fiscal Year on Sound Financial Footing

By Associated Press | 

FRANKFORT, KY (AP) -- State government has started a new fiscal year on good financial footing despite drops in collections from the sales and property taxes.

Budget Director Jane Driskell said Friday, General Fund tax collections rose 2 percent overall in July, the first month of Kentucky's fiscal year. Corporate income tax revenue was up 156 percent over July 2012 levels. Collections from the cigarette tax were up by 13.8 percent. And individual income tax receipts increased 1.3 percent.

Collections from the sales tax, Kentucky's second largest revenue producer, were down 1.4 percent. Property tax receipts fell 3.8 percent. And coal severance tax revenue, which has been in a free fall for months because of a slowdown in the mining industry, declined another 21.1 percent.

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