Kansas Revenue Misses Projections by $69M
Lawrence News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Kansas faces a significant budget shortfall, with revenue missing projections by nearly $70 million in March alone. The state is down 2.5% overall for the fiscal year, with three misses in the last four months. Corporate income taxes and insurance premiums are down, while individual withholdings spiked last summer before refunds increased this year. Economists point to Kansass reliance on struggling ag and manufacturing sectors, as well as recent tax cuts, as contributing factors. Interest earnings on surplus funds have helped, but budget director Adam Proffitt warns that this is temporary. With the new budget potentially overspending by up to $475 million next year and cuts favoring millionaires, Kansas is in a precarious position.
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