Kansas Revenues Miss the Mark in July; State Starts New Fiscal Year With a Shortfall
Topeka — The state of Kansas started off the new fiscal year in July with a $12.8 million shortfall in tax collections, the Kansas Department of Revenue said Monday.
The shortfall was fueled by slower-than-expected growth in retail sales taxes, which came in $10.8 million below estimates, and a steep falloff in corporate income taxes, which were $5.9 million below estimates and 50 percent lower than July 2015.
Those shortfalls were partially offset by modest growth in individual income taxes, which were $1.1 million higher than estimates, and 8.5 percent higher than July 2015.
Total tax receipts in July were $9 million higher, or 2.7 percent greater, than in July last year. Those figures prompted Department of Revenue officials to express some optimism.