Kansas finally gets good revenue news with February report

TOPEKA (KSNT) – The Kansas state budget finally got some relief Friday as the state Department of Revenue released the February revenue numbers.

The report says the state collected $22.1 million dollars more than estimates, breaking a seven month trend of revenues not meeting expectations.

The department says individual income tax receipts were up 42-percent more than anticipated and corporate income tax receipts were 31-percent above initial expectations.

So far this year overall collections are still one-percent less than anticipated at $3.6 billion in tax receipts.

The numbers are expected to help, though not by much, the projected deficit of nearly $600 million in the state budget for the next fiscal year, which begins July 1.

State legislators are considering proposals by Governor Sam Brownback to increase alcohol and tobacco taxes, change the school funding formula, slow down payments to the state’s public employee’s retirement system and delay promised income tax cuts in order to cover that shortfall.

So far none of those measures have been passed by either chamber of the state legislature which, ultimately, must fund the budget submitted by the governor.

House Minority Leader Tom Burroughs said of the numbers “While the revenue numbers for February are positive, a single month increase is not indicative of a recover, especially since we are still down $37 million for the year overall.”

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s