The state of Kansas will need to do less internal borrowing next fiscal year to pay the state’s bills. Yesterday (TUE), a group made up of legislators and the governor approved $300 million in transfers for the new fiscal year, which starts July 1st. KPR’s Stephen Koranda was at the meeting and has this report.
The state of Kansas will rely on less internal borrowing next fiscal year to pay the state’s bills. As tax collections go up and down during the year, the state has to temporarily move money from various state programs into the general fund to pay the bills. Today (TUE), a group made up of legislators and the governor voted to approve $300 million in transfers. Governor Sam Brownback said the borrowing has decreased in recent years, which he’s glad to see.
The transfers peaked at around $775 million in 2009. Democratic Senator Anthony Hensley, from Topeka, said tax cuts in the coming years could shrink revenues and require the state to increase the borrowing again.