Kansas Taxes Nearly $32M More Than Expected In October
Kansas is reporting that it collected nearly $32 million more in taxes than anticipated in October.
It was the fifth consecutive month tax collections exceeded expectations.
The Department of Revenue reported Wednesday that state took in nearly $501 million in taxes last month. Its official forecast predicted $469 million. The surplus was 6.8 percent.
Since the current budget year began in July, tax collections are $105 million ahead of expectations, or 5.5 percent.
State officials and economists planned to issue a new fiscal forecast Thursday. The current one was drafted in April.
Lawmakers increased individual income taxes earlier this year to help balance the state budget. Those collections are beating projections.
Revenue Secretary Sam Williams said better-than expected sales and corporate income tax collections show the state's economy is improving.