General Fund and Road Fund receipts for May 2012 were released today by the State Budget Director. You can download a copy of the press release and charts HERE. The highlights are:
1. General Fund down 2.3% and Road Fund up 4.7% as compared to May of 2011.
2. As we approach June 30, we also approach the end of the state's fiscal year. The Official Revenue estimate for the General Fund was 2.8%, in order to meet that estimate revenues can dip in June, but only by 0.4% to meet the estimate. If revenues were to slide further than 0.4% in June then Kentucky's revenues would come in lower than anticipated creating a possible budget shortfall that may require further action by the Governor or General Assembly.
3. This is the second consecutive month that General Fund revenues have been below their 2011 levels.
4. Road Fund revenues continued to perform well, as they are up 6.8% year to date. June revenues could fall 8.3% and still hit their forecasted growth at 5.5%.
Budget Director Lassiter feels confident that revenues will come in at the Official Revenue Estimate level. If not, it might be interesting to see how the Governor and General Assembly would approach things in light of the Governor's Tax Reform Commission and Legislative Elections this Fall. Stay Tuned...