Group Updating KS Tax Collection Estimates
A group meeting on Monday will update estimates for Kansas tax collections. The revenue predictions let lawmakers know how much money they have to spend as they write the state budget. Stephen Koranda reports...
The Kansas Consensus Revenue Estimating Group is made up of members of the governor's administration, non-partisan legislative researchers and economists from universities in Kansas. They meet twice per year.
This time, they'll revise the estimate for the current fiscal year and craft a prediction for tax collections next fiscal year. They have lowered estimates because of the tax cuts passed in Kansas, but several months have been below the prediction since they last met in April.
The current fiscal year started in July and so far Kansas is $46 million below the estimate for the year. Legislative staffers are currently predicting a budget shortfall and lawmakers will have to deal with it when the Legislature convenes in January.