State Revenue Up 2.2 Percent in July

By: Associated Press
By: Associated Press

FRANKFORT, Ky. (AP) -- State officials say Kentucky's 2015 budget is off to a good start.

The state collected more than $705 million in taxes and fees in July. That's 2.2 percent more than the state collected in July 2013.

Kentucky finished the 2014 fiscal year with a $90 million shortfall. State officials blamed the shortfall on sluggish income tax collections. Income tax collections were up 5.9 percent in July, which State Budget Director Jane Driskell said was a positive sign.

State officials planned for a 3.6 percent increase in revenue this year. Tax collections must increase by 3.7 percent for the rest of the year in order to make that goal.

The state's road fund collected $125.4 million in July, mostly from gas taxes. State officials expect road fund revenue to decline this year.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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