FRANKFORT, Ky. (AP) - Kentucky’s revenue collections in July showed resilience amid the coronavirus, with General Fund receipts surpassing the amount collected in the same month last year, the state said.
State General Fund receipts last month totaled $905.1 million, up 7% over collections in July 2019, state budget Director John Hicks said Monday. Last month’s collections were surprisingly strong given the general slowdown in consumer spending due to the pandemic, officials said.
Hicks said he’s pleased with the recent collections but added there’s considerably uncertainty ahead for tax revenues.
Sales tax revenues grew 12% in July, while individual income tax receipts rose 6%, the state said.
The General Fund pays for most state services, including education, health care and public safety.
July was the first month of the new fiscal year.
The state was able to end the last fiscal year with a $177.5 million surplus, most of which Gov. Andy Beshear put into the state’s “rainy day” reserve fund.
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