Road Fund receipts rose 5.3% and General Fund receipts increased 12.5% compared to the same month a year ago, according to information released Friday by the Kentucky Office of State Budget Director.
Budget Director John Hicks reported Road Fund revenue of $148.3 million for the month. So far this fiscal year, total receipts have increased 2.8% over Fiscal Year 2021.
Motor vehicle usage collections grew 5.8%, taking in $56 million compared to $52.9 million in the same month of FY 2021. Motor fuels taxes, the only portion of the Road Fund shared with local governments, rose 3.3%. It brought in $65.6 million in August, an increase over the $63.6 million collected the prior August.
The Kentucky League of Cities Board of Directors voted to continue efforts to modernize the road funding formula. Cities maintain more than 10,000 miles of public roadways – streets that are more expensive to build and preserve due to requirements such as curbs and gutters, Americans with Disabilities Act (ADA) mandates, and storm water drainage. Since 2009, Kentucky cities have spent 62% more on city streets, but state and federal funding declined more than 4%.
Overall, General Fund receipts rose 12.5% in August compared to the same month last year. Total revenues for the month were $937.7 million, while FY 2021 totals were $883.8 million.
Among the largest increases so far this fiscal year are sales Taxes (up 11.7%), corporate income and limited liability entity tax (LLET) collections (up 245.2%), and property taxes (up 16.3%).