Kansas Revenues Will Fall $1 Billion Short of 2015 and 2016 Expenses, Fiscal Experts Say
Kansas will collect $1 billion less in revenue in 2015 and 2016 than its projected expenses following massive income tax cuts signed into law by Republican Gov. Sam Brownback.
The new revenue estimates released Monday revealed that Kansas would burn through about $380 million in reserves and still need to cut $280 million to balance its current budget for fiscal year 2015, which ends next June 30.
The problem continues in 2016 when revenues are projected to run $436 million short of expenditures, the estimates show.
The revenue estimates were developed by a panel of fiscal experts that includes university economists, a legislative policy analyst, a representative from the governor’s budget office and the state revenue department.