FRANKFORT, Ky. (AP) — Kentucky's revenue collections in May continued to far outpace last year's pandemic-battered performance, Gov. Andy Beshear's administration said.
General Fund receipts last month rose nearly 57% — or nearly $443 million — above the amount collected in May 2020, State Budget Director John Hicks reported Thursday.
Receipts have grown by 14% for the first 11 months of the current fiscal year, he said.
Sales tax collections continued to be the leading driver behind strong growth in General Fund revenues, Hicks said. Sales tax receipts are up 11.5% so far this fiscal year, he said.
The General Fund pays for most state services, including education, health care and public safety.
Republican lawmakers on Thursday raised concerns about the economy's health.
State Senate President Pro Tem David Givens said he’s worried the revenue collections reflect an “artificial economy” bolstered by massive federal pandemic aid. The GOP lawmakers pointed to concerns about workforce shortages, strained supply chains and inflation.