State revenues from all sources totaled $380.2 million in March, the Kansas Department of Revenue reported last week, which was $18.6 million below expectation but $19 million more than March 2010.
Revenue Secretary Nick Jordan said fiscal 2011 collections hit $4.03 billion. Total tax collections since July 1 are $361 million more than the same period of fiscal 2010, Jordan said.
Jordan said tax revenue in fiscal 2011 is $25.8 million below expectations.
“We are coming in a bit below estimates for the year, so we know that Kansans are still struggling. That’s why it’s important to maintain our focus on a pro-growth agenda to further help businesses and people in Kansas,” Jordan said. “Still, year-to-date revenues are ahead of last year and that is a positive step for the Kansas economy.”
Total general fund collections of $397.1 million in the first nine months of fiscal 2011 were 11% above 2010.
The Legislative Budget Board noted that sales tax revenues are a concern. Collections for the fiscal year are $9 million less than expected in the official revenue forecast.
The sales tax has generated $1.47 billion in the first nine months of the fiscal year, less than the $1.48 billion expected. Sales tax collections in the same period of fiscal 2010 totaled $1.25 billion.
The individual income tax has generated $1.75 billion in fiscal 2011, slightly above expectations and almost $100 million more than the same period of 2010.
Sales tax collections in March were $7 million less than expected for the month and $9 million less than predicted in fiscal 2011. The state sales-tax rate went to 6.3% from 5.3% on July 1, 2010.
The Revenue Estimating Conference will meet this week to consider revising its official outlook for revenue in fiscal 2012 and the remainder of fiscal 2011. The April estimate will be used by lawmakers to develop the final budget bill for fiscal 2012.
