The Office of the State Budget Director reported today that May’s General Fund receipts grew 17.8 percent compared to May of last year, an increase of $113.6 million.
May marks the 13th consecutive monthly increase in state revenues, signaling a robust recovery in General Fund tax receipts.
Receipts have now grown 6.7 percent for the first eleven months of Fiscal Year 11. In comparison, the enacted budget calls for 4.5 percent revenue growth for the entire fiscal year.
Therefore, it appears that we will end the current fiscal year with unexpected funds, though the amount will not be known until we close the books after June 30.
The May revenue report provides additional hope that the revenue outlook for Fiscal Year 2012 may also improve beyond budgeted levels. Therefore, at this time no furlough days for state employees will be scheduled for Fiscal Year 2012.
We will continue to evaluate whether any furloughs will be necessary to balance the $169 million budgeted gap in the FY 12 budget when we have updated revenue projections.
However, if things continue as they are going now, additional furloughs will be unnecessary.
Nearly every state employee took furlough days in the past year, regardless of their position, including me. This sacrifice saved over 400 state jobs and helped us balance our budget despite incredibly difficult financial times, and it will not soon be forgotten.
My sincere thanks goes to all state employees for their sacrifice.
And I join them in looking forward to a more robust economy and better days for all Kentuckians.