Kentucky Fiscal Statistics

StatisNostics/State Financials/Kentucky

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20122023

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State Revenue Analysis (Kentucky: 2012–2023)

Population: 4,383,465 → 4,509,394 (2.9% change)

Overall Revenue Trends

Total Revenue▲ 97.8%

$23,599,006,000 (2012)→$46,675,015,000 (2023)

Per Capita Revenue▲ 92.3%

$5,384 (2012)→$10,351 (2023)

Fund Balances▼ 100%

$12,136,542,000 (2012)→$0 (2023)

Revenue Volatility✓ Low

Avg. fluctuation: 6.5%

Major Tax Revenue

Property Tax▲ 49.4%

$529,567,000 (2012)→$790,911,000 (2023)

Sales Tax▲ 87%

$3,052,236,000 (2012)→$5,707,486,000 (2023)

Utility Revenue

Solid Waste Charges▲ 11.7%

$979,000 (2012)→$1,094,000 (2023)

Growth Analysis

Fastest Growing Revenue Sources

Federal Intergovernmental Air Transportation▲ 284.6%

$384,000→$1,477,000

Hospital Charges▲ 277.3%

$1,120,992,000→$4,229,070,000

Federal Intergovernmental Public Welfare▲ 210.8%

$4,754,682,000→$14,775,368,000

Declining/Slowest Growing Sources

Workers Compensation - Interest Earnings▼ 67.7%

$83,411,000→$26,902,000

Amusement Tax▼ 61.0%

$164,000→$64,000

Severance Tax▼ 57.5%

$346,050,000→$147,022,000

Revenue Forecast

Projected Revenue (Next Year)▲ 8.5%

Estimated: $50,624,419,767

Based on 3-year revenue trend

Revenue Composition

2012 Revenue Breakdown

Federal Intergovernmental Public Welfare20.1%

Individual Income Tax14.9%

Total General Sales Taxes12.9%

Federal Intergovernmental Education5.7%

Hospital Charges4.8%

Higher Education Tuition Charges4.4%

Motor Fuels Sales Tax3.3%

Federal Intergovernmental Highways3.2%

Other Selective Sales Taxes3.0%

Corporation Net Income Tax2.4%

Property Tax2.2%

Unemployment - Contribution2.2%

Miscellaneous General Revenue Not Elsewhere Classified1.7%

Severance Tax1.5%

Federal Intergovernmental Other1.5%

Higher Education Auxiliary Charges1.3%

Interest Earnings1.2%

Tobacco Sales Tax1.2%

Federal Intergovernmental Health & Hospitals1.1%

Net Lottery Revenue1.1%

Federal Intergovernmental Housing & Community Development1.1%

All Other Not Elsewhere Classified Charges1.0%

Workers Compensation - Other Contributions0.8%

Motor Vehicle License0.8%

Donations From Private Sources0.7%

Federal Intergovernmental Other Natural Resources0.6%

Insurance Premium Tax0.6%

Federal Intergovernmental Employment Security Administration0.6%

Occupation & Business License Not Elsewhere Classified0.5%

Alcoholic Beverage Sales Tax0.5%

Corporation License Tax0.4%

Workers Compensation - Interest Earnings0.4%

Fines & Forfeits0.3%

Public Utilities Tax0.3%

Parks & Recreation Charges0.3%

Natural Resources Not Elsewhere Classified Charges0.3%

Regular Highway Charges0.2%

Death & Gift Tax0.2%

Federal Intergovernmental Water Utilities0.2%

Hunting & Fishing License0.1%

Federal Intergovernmental Transit Utilities0.1%

Local Intergovernmental Education0.1%

Motor Vehicle Operators License0.1%

Housing & Community Development Charges0.1%

Federal Intergovernmental General Support0.1%

Rents0.0%

Local Intergovernmental Other0.0%

Alcoholic Beverage License Tax0.0%

Local Intergovernmental Housing & Community Development0.0%

Other License Tax0.0%

Parimutuels Tax0.0%

Documentary & Stock Transfer Tax0.0%

Education Other State Charges Not Elsewhere Classified0.0%

Air Transportation Charges0.0%

Solid Waste Charges0.0%

Federal Intergovernmental Air Transportation0.0%

Elementary Secondary Education Not Elsewhere Classified Charges0.0%

Amusement License Tax0.0%

Amusement Tax0.0%

2023 Revenue Breakdown

Federal Intergovernmental Public Welfare31.7%

Individual Income Tax12.9%

Total General Sales Taxes12.2%

Hospital Charges9.1%

Federal Intergovernmental Education5.4%

Higher Education Tuition Charges2.7%

Corporation Net Income Tax2.6%

Miscellaneous General Revenue Not Elsewhere Classified2.6%

Other Selective Sales Taxes2.2%

Federal Intergovernmental Highways2.1%

Property Tax1.7%

Motor Fuels Sales Tax1.6%

Federal Intergovernmental Other1.5%

Federal Intergovernmental Health & Hospitals1.1%

Net Lottery Revenue1.0%

Higher Education Auxiliary Charges0.9%

Interest Earnings0.9%

Federal Intergovernmental Housing & Community Development0.9%

Tobacco Sales Tax0.7%

Unemployment - Contribution0.6%

Motor Vehicle License0.6%

Donations From Private Sources0.5%

Workers Compensation - Other Contributions0.5%

Insurance Premium Tax0.5%

Alcoholic Beverage Sales Tax0.4%

Federal Intergovernmental Employment Security Administration0.4%

Occupation & Business License Not Elsewhere Classified0.3%

Severance Tax0.3%

All Other Not Elsewhere Classified Charges0.3%

Federal Intergovernmental Other Natural Resources0.3%

Corporation License Tax0.3%

Regular Highway Charges0.2%

Natural Resources Not Elsewhere Classified Charges0.2%

Public Utilities Tax0.2%

Parks & Recreation Charges0.2%

Death & Gift Tax0.2%

Fines & Forfeits0.1%

Local Intergovernmental Education0.1%

Hunting & Fishing License0.1%

Motor Vehicle Operators License0.1%

Workers Compensation - Interest Earnings0.1%

Housing & Community Development Charges0.0%

Toll Highway Charges0.0%

Unemployment - Interest Revenue0.0%

Rents0.0%

Federal Intergovernmental General Support0.0%

Documentary & Stock Transfer Tax0.0%

Local Intergovernmental Other0.0%

Alcoholic Beverage License Tax0.0%

Local Intergovernmental Housing & Community Development0.0%

Other License Tax0.0%

Federal Intergovernmental Air Transportation0.0%

Education Other State Charges Not Elsewhere Classified0.0%

Solid Waste Charges0.0%

Air Transportation Charges0.0%

Elementary Secondary Education Not Elsewhere Classified Charges0.0%

Amusement License Tax0.0%

Amusement Tax0.0%

Water Utilities Revenue0.0%

Key Insights

1Total revenue increased by 97.8% from 2012 to 2023, representing a significant change in the state's financial position.
2Population changed by 2.9%, while per-capita revenue changed by 92.3%.
3The state's fund balances decreased by 100%, suggesting financial challenges or major capital expenditures.

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State Expense Analysis (Kentucky: 2012 - 2023)

Total Expenditure Trends

Operating Expenditures▲ 238%

$10,167,933,000→$34,324,075,000

Per Capita Spending▲ 228%

$2,320→$7,612

Population Trends

Population Change▲ 2.9%

4,383,465 (2012)→4,509,394 (2023)

⚠️ Spending growth significantly outpacing population growth

Public Safety Expenses

Police Protection▲ 118%

$192,361,000 (2012)→$419,126,000 (2023)

Fire Protection▼ 0%

$0 (2012)→$0 (2023)

Infrastructure Expenses

Highways Maintenance▲ 65%

$471,604,000 (2012)→$776,486,000 (2023)

Sewerage Operations▼ 0%

$0 (2012)→$0 (2023)

Administrative Expenses

Financial Administration▲ 70%

$330,849,000 (2012)→$563,782,000 (2023)

General Expenses▲ 195%

$365,286,000 (2012)→$1,077,574,000 (2023)

Kentucky Key Insights

1Police protection spending increased by 118%, significantly outpacing population growth of 2.9%
2Per capita expenditures grew by 228%, indicating substantial service expansion or cost increases not explained by population growth alone
3General expenses increased dramatically by 195%, which may indicate classification changes, new initiatives, or reporting adjustments
4Police Protection was the fastest growing major expense category at 118% increase

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State Debt Analysis (2012-2023)

Debt Trends

Total Long-Term Debt▲ 11%

$9,130,760,000 (2012)→$10,174,490,000 (2023)

Industrial Revenue Debt▼ 100%

$5,940,874,000 (2012)→$0 (2023)

Per Capita Debt▲ 8%

$2,083 (2012)→$2,256 (2023)

Population Trends

Population Change▲ 2.9%

4,383,465 (2012)→4,509,394 (2023)

Debt Management

Most Recent Year (2023)

Issued:$1,369,304,000

Retired:$1,360,180,000

Net Change:+$9,124,000

Debt Retirement Trend

$914,040,000 → $1,360,180,000▲ 49%