Kentucky’s General Fund receipts have declined for the second straight year. It’s the first time we’ve seen a consecutive decline since the end of WWII, according to State Budget Director Mary Lassiter. To top it all off? Tax collections hit the lowest point in five years.

Okay, the juicy bits:

• General fund receipts totaled $8.225 billion, a 2.4% decline from FY09 (down $201 million), down $439 million from FY08
• FY10 revenues were $27.2 million (0.3%) more than the revised revenue estimate.
• Individual income tax receipts dropped $160.9 million or 4.9%
• Sales & excise taxes fell $63.6 million or 2.2%
• Cigarette taxes jumped $75.4 million or 37.1%
• Corporate income taxes fell $30.1 million or 11.2%
• LLC taxes jumped $24.3 million or 20%
• Combined corp & LLC tax receipts were $383.8 million, $5.8 million lower than FY09
• Coal severance taxes fell 7.1%
• Property taxes increased $3 million or 0.6%
• Road Fund revenue was $1.206 billion, a increase of 1.2%. Total receipts rose $14.6 million from FY09 as motor fuels offset declines in nearly every category.
• Motor fuels taxes rose $33.3 million or 5.3%
• Motor vehicle use taxes dropped $3.5 million or 1%
• Motor vehicle license receipts fell $1.3 million

Click here (Warning: PDF Link) if you’d like to review the document released by the Office of the State Budget Director.