Kansas revenue for August off by $4 million

TOPEKA, Kansas – August revenue receipts were flat Friday narrowly missing estimates by 1 percent or $4 million.

Although individual income tax receipts missed the estimate for the month, the state collected $10.3 million more than it did during August 2013, even with the lower tax rates effective in 2014 compared to 2013. The year to year increase is an indication that either more Kansans are working or they are earning higher wages.

Sales tax receipts also beat estimates by $1.6 million. Because sales tax receipts are reported the month after being collected, August is the first month where sales tax receipts can be compared year-over-year using the same rate. The state sales tax rate decreased July 1, 2013 from 6.3 percent to 6.15 percent.

Republican State Representative Steve Brunk says he isn’t worried about the latest figures.

“Republicans and Democrats rely on those estimates, so one percent one way or the other is actually pretty close, so we would be pleased with that,” said Brunk.

Brunk says they rely on six entities to make revenue estimates for the year, but that there are some built-in variables that can cause the estimates to sway one way or another.

“What happens nationally certainly affects us, sales tax receipts would be big at this time of the year,” said Brunk.

House Minority Leader and candidate for Governor Paul Davis released a statement Friday evening pertaining to the latest revenue numbers.

“Every month, Sam Brownback’s experiment drives the Kansas budget deeper in the red. For nearly four years, Sam Brownback has told us the results are coming.’ and the results are in: Kansas schools, our economy and our financial credibility are at risk because of his policies,” said Davis.

“It is time the Governor stop making empty promises and admit that his experiment has failed. Kansans deserve straight answers from their Governor,” Davis added.

For the fiscal year to date, Kansas is only 0.3 percent off projections, or $2.4 million.

“Corporate income tax receipts continue a strong trend, along with individual income tax, sales tax, and mineral severance tax receipts are all higher than August of last year. These are positive indicators for a growing Kansas economy,” said Revenue Secretary Nick Jordan.

Kansas revenue for August - Courtesy Kansas Department of Revenue
Kansas revenue for August – Courtesy Kansas Department of Revenue
Kansas revenue Year-to-Date - Courtesy Kansas Department of Revenue
Kansas revenue Year-to-Date – Courtesy Kansas Department of Revenue
blog comments powered by Disqus