Kentucky’s General Fund and Road Fund receipts fell 4% in October. General Fund receipts fell $652.4 million from $679.6 million during October 2008. General receipts have dropped 5.2% for the first four months of the fiscal year.
Road Fund receipts only reached $89.9 million. They’ve fallen 3.2% year-to-date.
The bad news bears highlights:
- Corporation income tax receipts fell 81.9% in October, down 43.7% year-to-date.
- Individual income tax collection fell 9.5%, down 7.7% the first four months of fiscal year 2010
- Sales & tax receipts down 4.3% in October, 6.8% below levels a year ago
- Property tax collections down 7.8%, down 6.3% year-to-date.
- Cigarette tax receipts are up 53%, up 72.3% for the first four months of the fiscal year
- Coal severance tax receipts dropped 14%, down 9.5% year-to-date
- Lottery revenue up 3.2%, up 2.6% for the year
Click here (Warning: PDF Link) to download the entire report.
Meanwhile, Frankfort continues to sit on its hands ignoring the urgent necessity of tax reform.
Additional thoughts: Git yer sig-rets n lot-tree tickets!
Isn’t it gonna be a hoot watching Leadership & Papaw Steve try to figure our way out of this mess come January? State legislators are already grumbling about not having any “projects” for next year. Wonder how upset they’ll be when they find out just what terrible shape the Commonwealth is in?
This is what happens when you allow an entire state to be run by an inept and corrupt legislature for decades.
10 responses so far ↓
1 E // Nov 10, 2009 at 1:40 pm
Thanks for the heads up on the coming rough times that lie dead ahead.
It should be interesting watching those who trumpet ‘states rights’ , to see if they have the fortitude to bite the hand that bails them out…as it sure looks like they are either going to have to make some very tough decisions or hope for another federal bailout.
2 David Harpe // Nov 10, 2009 at 1:51 pm
We need to do a merger or something. Have someone buy us out.
3 ahem // Nov 10, 2009 at 1:51 pm
once again finding myself agreeing with Jake. Years of inept and some corrupt members of the General Assembly. Years of simply padding their own campaigns with pac money, getting projects that they know are a waste and not good policy but that help them get re-elected…huge, FAT pensions after a few years of service, travel 2-3 times a year on the state dime to so called meetings, access to uk and ul tickets that the rest of us do not have…there may be 4-5 out of 138 legislators who are there with good and sincere intentions to move the state ahead and that’s a generous number…folks, let’s drop the “yeh, we need new ones (but not mine)” approach and elect new people to office in this state and we might, just might, get some of the real change that has been promised for the last 25-30 election cycles…is it too much to ask that we elect people who will move us from even 49th up even a few notches?
4 Mark H (Not Hebert) // Nov 10, 2009 at 2:03 pm
When you continue to bail out these corrupt state legislatures, there’s no motivation for them to change their behavior.
It just sucks that the only way they are going to be held accountable is for their voters to feel the pain of not having the services they need.
We are running out of vices to tax and “wealthy” people to vilify. I agree that tax reform is greatly needed.
5 Brian Simpson // Nov 10, 2009 at 4:02 pm
Really a tough subject without having the “exact” budget numbers….but the unwillingness to scale back certain programs because of the fear of not being re-elected hurts. I would think that if we made this state “more” friendly towards future business’s moving into this state, that would create more jobs, meaning more increased revenue coming in. I do like the idea of having individual tax “free” days to shop throughout the state. There would be a initial hit at first on the sales tax that flows in, but the increased sales would lead to increased products being produced, with the intent of jobs being created. The reduction of state paid trips is a must. Decrease the pensions for future Legislatures, and if they can cut out the free peanut butter..which they did, they certainly can cut out the sport tickets fiasco.
Brian Simpson
6 Mark H (Not Hebert) // Nov 10, 2009 at 4:28 pm
If you look as to why businesses relocate there are the main four:
Tax policy
Educated workers
Right to Work status
Location
We do have a good central location, but the eastern half the state is not readily accessible.
Maybe we need to work on the other three?
7 KYGuy // Nov 10, 2009 at 5:09 pm
Marijuana
8 jake // Nov 10, 2009 at 5:12 pm
At least we’re not Idaho.
9 le gardien de but // Nov 10, 2009 at 7:59 pm
KYGuy–no kiddin’….
If it were put to a public referendum whaddaya tink….
10 Mark H (Not Hebert) // Nov 10, 2009 at 10:26 pm
I just don’t think it would raise the revenue people think it will. Why would someone pay taxes and retail cost for something you can grow easily at home?
It’s not like you need a still setup or any significant infrastructure to grow a pot plant for your personal usage.
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