Kentucky’s federal revenues are up 5%, totaling a $165.4 million surplus in the general fund, but the state’s road fund still has a $20 million deficit, according to a state revenue report.
Kentucky Gov. Steve Beshear didn't comment on the state of the Road Fund, which pays for highway and other transportation programs, suggesting that the budget results were not unexpected. State officials predicted a general fund surplus two months ago, as well as deficit in the road fund after declining gas prices slashed the state’s gas tax rates. State lawmakers agreed to freeze the gas tax, preventing a possible larger deficit.
Road Fund revenues for fiscal year 2015 totaled about $1.53 billion, a decrease of 2.2% from the previous fiscal year. Receipts for June fell 9.2%.
Total receipts were $33.8 million less than fiscal year 2014 levels as the two largest accounts — motor fuels and motor vehicle use taxes — declined $46.2 million. The decline in collections is the first since fiscal year 2009.
Stated Budget Director Jane Driskell said the ending fiscal 2015 balance for the Road Fund will be determined later this month.
House Speaker Greg Stumbo, D-Prestonsburg, said that the Road Fund shortage is "no surprise since the Senate failed to pass the House plan to stop its depletion and provide for better roads in the 2014 session."
