General Fund And Road Fund Receipts Drop Due To Coronavirus & Delayed Tax Filing Deadline
FRANKFORT, Ky. (Wednesday, May 6, 2020) - The Office of State Budget Director reported today that April’s General Fund receipts dropped precipitously due to the impact of the novel coronavirus and the movement of the income tax filing deadline to July 15. Collections fell 33.6 percent, or $432.9 million, compared to April of last year. Nearly 90 percent of the decline was from individual and corporate income taxes. Total revenues for the month were $857.0 million, compared to $1,289.9 million received during April 2019. Receipts have now fallen 1.2 percent for the first ten months of FY20. The Office of State Budget Director recently released an unofficial General Fund revenue estimate for FY20 that called for a revenue shortfall of between $318.7 million and $495.7 million.
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