Wednesday, May 13, 2015

Kentucky headed for budget surplus, but road deficit likely

(AP) — Kentucky officials collected more than $1 billion in state taxes and fees in April for the first time in state history.

State Budget Director Jane Driskell predicted Kentucky will end the budget year on June 30 with a $46.1 million surplus. The state ended last year's budget with a $90 million shortfall.

The state's general fund is made up mostly of state income and sales taxes. Collections grew 23.3 percent compared with April of last year. With just two months left in the fiscal year, Driskell said revenues can fall up to 7.8 percent and the state would still meet its budget forecast.


Kentucky's road fund, however, will likely have an $11.1 million shortfall. Gas tax revenues dropped 12.8 percent in April.