Mon December 3, 2012
Budget Projections May Be Recalculated After Unexpected Tax Revenues
The state Revenue Department says Kansas collected $2.6 million more in taxes than expected in November.
The agency said Friday that the state collected about $441 million in taxes this month, when a fiscal forecast predicted it would take in less than $439 million.
The difference is less than 1 percent, but Revenue Secretary Nick Jordan said the numbers contain solid signs that the state's economy is improving. The report was the first since officials issued a new fiscal forecast earlier this month.
Legislative researchers project a budget shortfall of $328 million by June 2014, although that figure is likely to be recalculated next month. Kansas enacted massive income tax cuts this year.
Critics contend the reductions have led to budget problems.