State officials will learn Monday if tax collections last month in Kansas met their projections. As KPR’s Stephen Koranda reports, the state is expecting a small savings account so monthly revenue numbers are critical.
In November, economists and Kansas officials lowered the projected tax collections for the current fiscal year. That put Kansas into a deficit. Governor Sam Brownback’s administration immediately announced budget adjustments to fill the hole, but as Budget Director Shawn Sullivan told lawmakers, it didn’t leave the state with much in the bank, just $6 million dollars.
“Obviously, not the ending balance that would be desired or would not be enough to get us through the fiscal year with some wiggle room or comfort,” says Sullivan.
Positive tax numbers in November boosted the savings account, but it’s still very small.
If December and the following months have positive tax numbers, lawmakers may not need any additional budget fixes. But low tax collections could push the current fiscal year’s budget into a deficit, again