New Kansas Revenue Projections on Horizon
Associated Press - April 10, 2014 7:09 pm
A monthly survey of bankers suggests the economy will remain weak in rural parts of 10 Midwestern and Western states because of low grain and oil prices.
A group of Kansas officials and economists will gather next week to study revenue projections for the coming year, determining if the state economy is growing and if tax receipts will keep government afloat.
Legislative leaders on Thursday gave differing views of what the projections for the fiscal year that starts July 1 may look like, but agreed that the state faces challenges.
Tax collections through March were $130 million above the forecasters’ November 2013 estimate. Next week’s projections are expected to be revised upward to reflect the growth, which will help legislators finish the fiscal 2015 budget when they return later in April.
Legislative staff project the state will maintain positive balances at least through the next fiscal year before budget cuts or revenue increases would be necessary.