TOPEKA, Kan. (KSNT) — Kansas officials received good news from the state’s latest report on tax collections.
The state Department of Revenue issued the report Monday afternoon on tax collections in June. KDOR said the state’s total tax collections for June came in at $608.82 million, which was $33.38 million more than June 2016. It was the last month of the state’s 2017 fiscal year. According to KDOR, Kansas collected $5.82 billion for all tax sources for the fiscal year. Revised estimates predicted the state would bring in $5.74 billion for the current fiscal year.
The state had been close to hitting its projections for tax collections through May.
Kansas Revenue Secretary Sam Williams said he is pleased to see such growth in individual income tax collections over the last year.
“This indicates that there is growth in wages that workers are earning as well as jobs filled in Kansas.”
Lawmakers had expected to end the fiscal year with cash reserves of $50 million after they approved internal borrowing and some other moves to get them through the fiscal year.
Williams said the state now has $72.22 million more than expected because June revenues came in so strong thanks to corporate, individual, and sales tax collections.
“With unemployment at a 16 year low, my hope is that such a robust performance in these major tax sources will continue into next fiscal year.”
According to KDOR, June sales tax collections improved by more than 6 percent, or $11.48 million compared with this time last year.
Legislators increased income taxes to help balance the budget for fiscal 2018 and 2019.
The Associated Press contributed to this story