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Saturday, December 09, 2000

General Fund receipts fall in November




The Associated Press

        FRANKFORT — Receipts to Kentucky's General Fund fell in November, partly because of timing differences, raising concerns about the state of the budget.

        Receipts were $530.4 million, 3.5 percent less than November 1999. For the first five months of the fiscal year, the General Fund has grown by 4.0 percent. But estimates for the year count on growth of 5.2 percent.

        Budget Director James Ramsey said November 1999 was an unusual month because money that should have been recorded at another time was deposited in November. Those inflated figures in turn depressed the November 2000 receipts by comparison.

        Nevertheless, “We are concerned about the effects of the potential economic slowdown and its impact on General Fund revenue growth,” Mr. Ramsey said.

        Both the sales tax and individual income tax were lower in November. Together, they make up the majority of Kentucky's tax receipts.

       



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