Salina, KS

Now: 90 °

Currently: Clouds

Hi: 97 ° | Lo: 73 °

Kansas budget issues ‘likely to persist’ after tax hike

KSAL StaffJuly 9, 2017

A major financial rating agency says a structural imbalance in Kansas’ budget is “likely to persist” even after the state increased income taxes.

S&P Global Ratings said in a report this week that while the state boosted its revenues, it also increased spending for the next two years. S&P also said the state still is diverting money from highway projects to sustain other spending and is not fully funding contributions to public pensions.

S&P did not change its negative credit outlook for Kansas.

Legislators enacted the tax increase over Republican Gov. Sam Brownback’s veto to raise $1.2 billion over two years. The new law rolls back past tax cuts Brownback championed.

The S&P report came a month after Moody’s Investors Service upgraded the state’s credit outlook to stable from negative.

Copyright © Meridian Media, 2022. All Rights Reserved. No part of this story may be reproduced without Meridian Media’s express consent.

CATEGORIES :


STAY IN TOUCH!

GET OUR APP!

LATEST POSTS

Stolen Purse Recovered
July 6, 2022Comments
Pie Inspired Social Frida...
July 6, 2022Comments
Two Boys Injured in UTV C...
July 6, 2022Comments
Four Most Wanted Arrests
July 5, 2022Comments

LATEST TWEETS

Read all tweets