May revenue receipts fall short of expectations

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Topeka – Although Kansas collected $69.2 million more than the previous
fiscal year to date, total tax receipts through May were $5.1 billion or
$73.8 million less than estimates.

Individual income tax receipts for May were $58 million less than expected
while corporate income tax receipts were $15 million below estimates.

Sales tax receipts beat estimates by $3.9 million but use tax fell $1.4
million short for the month.

“Large company layoffs and struggles in the aviation, oil and agricultural
industries point to an overall sluggish economy which contributed to
lower-than-expected revenue receipts,” said Revenue Secretary Nick Jordan.
“This is a trend reflected throughout the region.”

Governor Brownback tasked Budget Director Shawn Sullivan with implementing
a full, independent review with outside experts to evaluate current
procedures related to revenue estimating and budgeting. The review will
evaluate the existing consensus revenue estimating process to determine why
it fails to provide accurate estimates for budgeting purposes, make
recommendations for improving the quality of fiscal notes, and analyze
existing tax policies.

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AP Wire

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