KY Ends Fiscal Year With $46 Million Surplus
FRANKFORT, KY - Kentucky had a surplus of about $46 million to the 2011-12 fiscal year and officials say revenue trends are looking up for the current two-year budget cycle.
State Budget Director Mary Lassiter told the interim joint Committee on Appropriations and Revenue on Thursday that general fund revenues jumped 3.8 percent in the fiscal 2012 year that ended in June.
The Courier-Journal reported that Kentucky collected more than $9 billion in tax revenue last year, up $331.5 million from fiscal 2011. The increase resulted largely from revenue increases from sales taxes and individual and corporate income taxes.
Receipts exceeded the state's original estimate by $83.3 million, contributing to a final balance of $90.1 million. But lawmakers budgeted a $44 million carry over that will cut into the balance.