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.
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