Kansas Tax Collections Top Estimates In June
The state of Kansas saw a bump in tax collections in June, with revenues coming in significantly more than expected. That means Kansas ends the fiscal year with $70 million more than anticipated. Total tax collections over the year were $5.8 billion.
Sales, corporate and personal income taxes all beat estimates in June, meaning the month's tax collections topped estimates by $72 million. The June tax collections are a growth of almost 6 percent over the same month in 2016. Fiscal year 2017 revenues grew a total of 1 percent over fiscal year 2016.
Kansas Revenue Secretary Sam Williams believes the numbers show wages are growing. He notes that there was growth in most of the largest tax categories.
"With unemployment at a 16-year low, my hope is that such a robust performance in these major tax sources will continue into next fiscal year," Williams says.
In recent years, the state had regularly missed monthly reports and officials lowered their financial forecasts multiple times. But since November of last year, they seem to have a better grip on the projections and the numbers have mostly beat the estimates.