Kansas Revenue Secretary: June's Missed Estimates Pushes Shortfall To Nearly $338M For 2014
Kansas Revenue Secretary Nick Jordan says June’s tax collections missed estimates by $28 million, pushing the shortfall for the fiscal year that ended Monday to nearly $338 million.
Preliminary figures released Monday showed Kansas collecting nearly $5.5 billion in taxes and fees in fiscal 2014. Forecasters whose projections help the state build its annual budget had expected Kansas to take in about $5.8 billion during the year.
Revenues in April and May were a combined $310 million short of expectations. Jordan had expected June’s collections to be $10 million to $20 million off the mark.
Gov. Sam Brownback’s administration has attributed the numbers to federal tax and spending policies that affected how investors claimed capital gains.
Democrats blame the lower collections on Brownback's tax cuts in 2012 and 2013.