Kentucky Transportation Cabinet Fiscal Year 2024 Closeout Report
The Kentucky Transportation Cabinet's Fiscal Year 2024 Closeout Report, presented by Robin Brewer, Executive Director of the Office of Budget and Fiscal Management, details revenue estimates, actual revenues, surplus, expenditure accounts, revenue growth by quarter, and enacted revenue estimates for FY 2025. The report highlights discrepancies between estimates and actual figures, as well as projections for the upcoming fiscal year.
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Presentation Transcript
KENTUCKY TRANSPORTATION CABINET Interim Joint Committee on Transportation Fiscal Year 2024 Closeout Robin Brewer, Executive Director, Office of Budget and Fiscal Management August 20, 2024
FY 2024: Revised Official Road Fund Estimate vs. Enacted Revenue Estimate 2 Revised Official Rev. Est. Enacted Rev. Est. 817.2 Difference $ 87.9 $ 905.1 Motor Fuels Motor Vehicle Usage 672.2 99.8 572.5 304.3 292.6 11.8 Other $1,881.7 $1,682.2 TOTAL $ 199.5 (in millions)
FY 2024: Revised Official Road Fund Estimate vs. Actual Revenue 3 Revised Official Revenue Est. Actual 905.4 Shortfall $ 0.3 $ 905.1 Motor Fuels Motor Vehicle Usage 672.2 -1.2 671.0 304.3 298.1 -6.2 Other $1,881.7 $1,874.6 TOTAL $ -7.1 (in millions)
Road Fund Surplus for FY 2024 4 FY 2024 Road Fund Surplus Excess Revenue $(7.12) Revenues/Fund Transfers less than Estimated $0.03 Debt Service Lapse $0.45 Revenue Sharing Appropriation Adjustments $0.90 Other Spending Lapses $15.54 Total Road Fund Surplus $9.80 $9.8 million FY 2024 Road Fund Surplus Expenditure Account (State Construction Account) (in millions)
FY 2024 Road Fund Revenue Growth by Quarter 5 15.0% 10.2% 10.0% (Millions) 7.4% 5.8% 4.5% 5.0% 0.0%
FY 2024 Actual Revenues Compared to FY 2023 Actual Revenues 6 % FY 2024 FY 2023 Difference Change Motor Fuels $905.4 $798.3 $107.2 13.4 Motor Vehicle Usage 671.0 660.3 10.6 1.6 Other 298.1 294.6 3.5 1.2 $1,874.6 $1,753.3 $121.3 6.9 TOTAL (in millions)
Enacted Road Fund Revenue Estimates for FY 2025 7 FY 2025 Enacted Revenue Estimate Road Fund Revenues Motor Fuels $866.8 Motor Vehicle Usage $650.1 Motor Vehicle License $128.1 Weight Distance $89.7 Other $48.7 Motor Vehicle Operators $32.0 Investment $9.5 Total Road Fund $1,825.0 (in millions)
