Kansas Tax Collections Fall $23M Short in October
Associated Press - October 31, 2014 7:45 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 says its tax collections in October fell $23 million short of expectations.
The state Department of Revenue reported Friday that the state had collected $417 million in taxes, or 5.2 percent less than the $440 million anticipated.
Since the start of the current fiscal year in July, tax collections have been nearly $47 million less than anticipated, a 2.6 percent shortfall. The state expected to collect more than $1.81 billion in taxes and took in $1.77 billion.
Budget Director Shawn Sullivan called the yearlong shortfall “manageable” and said Gov. Sam Brownback’s administration is looking for budget savings.
The department said part of the shortfall in October was caused by higher-than-expected refunds to taxpayers who overpaid on 2013 taxes on investment income.