Kansas Collects $3.7M Less in Taxes Than Expected This Month
Associated Press - July 31, 2015 4:27 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.
Kansas collected about $3.7 million less in taxes than it expected in July, largely because of lower-than-anticipated revenues from its newly increased sales tax.
The state Department of Revenue reported Friday that the state collected $417.6 million in taxes, when officials projected $421.3 million. The shortfall is 0.9 percent.
The report came a day after Gov. Sam Brownback’s budget director announced $63 million in adjustments to the state’s $15.4 billion budget to lessen the chances of a deficit. Lawmakers last month increased sales and cigarette taxes as well.
Sales tax collections were $189.1 million for the month, or $3.9 million less than expected. The shortfall was 2 percent.
But the state’s personal income tax collections were $3 million more than expected, at $153 million. The surplus was 2 percent.