Post by Logan on Jun 12, 2016 2:37:07 GMT -6
FRANKFORT, Ky. – Kentucky tax revenues that showed solid growth through the first 10 months of this fiscal year plunged in May, and down with the revenues went hopes of a nice surplus when the year ends June 30.
Revenues to Kentucky’s General Fund in May totaled $706 million, down from $763 million in May of 2015, the Office of State Budget Director reported Friday.
It was the largest monthly percentage drop in revenues since December 2009 during the depth of a national recession.
And it followed months of solid growth. At the end of April, state tax revenues had grown by 5 percent through the first 10 months of the fiscal year. That put the state on pace of producing a strong surplus because the state budget anticipates just 3.2 percent revenue growth this year.
Read more: www.courier-journal.com/story/news/politics/ky-governor/2016/06/10/state-tax-revenues-plunge-may/85689978/
Revenues to Kentucky’s General Fund in May totaled $706 million, down from $763 million in May of 2015, the Office of State Budget Director reported Friday.
It was the largest monthly percentage drop in revenues since December 2009 during the depth of a national recession.
And it followed months of solid growth. At the end of April, state tax revenues had grown by 5 percent through the first 10 months of the fiscal year. That put the state on pace of producing a strong surplus because the state budget anticipates just 3.2 percent revenue growth this year.
Read more: www.courier-journal.com/story/news/politics/ky-governor/2016/06/10/state-tax-revenues-plunge-may/85689978/