Kansas has big revenue surplus in January
The Department of Revenue reported Friday that the state’s tax collections were $546 million last month. The state’s official forecast predicted collections of $529 million.
The surplus is 3.2 percent.
Since the current fiscal year began in July, the state has collected $3.3 billion in tax revenues. That’s $21 million more than anticipated, or about 0.6 percent.
However, collections during the current fiscal year are lagging behind collections during the previous fiscal year because of massive personal income tax cuts enacted at Gov. Sam Brownback’s urging to stimulate the economy.
During the same period in the last fiscal year, the state collected almost $3.7 billion. This year’s collections have dropped almost $370 million, or 10 percent.