Kansas Budget Shortfall Now Predicted at $260M
Associated Press - October 3, 2014 8:43 pm
Kansas City Power & Light is appealing a September ruling by Kansas regulators reducing the percentage of annual profit the utility is allowed to return to its stockholders.
A budget shortfall predicted for Kansas for July 2016 has grown to $260 million after tax collections fell short of expectations during the past three months.
The previous figure from the Legislature’s nonpartisan research staff was $238 million. But researchers noted that tax collections in July, August and September fell a total of $22 million short of expectations.
The Legislative Research Department confirmed the new figure Friday.
The budget shortfall represents the predicted gap between anticipated revenues and current spending commitments, and it can fluctuate month to month with tax collections.
Gov. Sam Brownback and lawmakers must prevent any shortfall because the Kansas Constitution does not permit a budget deficit. Brownback’s administration has said it has identified $101 million in potential budget savings and is working to find other efficiencies.