Kansas

After months of seeing revenues fall well below projections, Kansas came within $1.7 million of its target for March, officials reported.

With a deadline bearing on them, Kansas legislators approved a court-mandated revision of the school funding formula designed to keep schools open in the next fiscal year beginning July 1.

With four months remaining in the fiscal year, Kansas revenue is running nearly $80 million short of projections after the latest monthly report.

Municipal bond primary market volume in the Southwest surpassed the previous record set in 2008, climbing 20% to $77.7 billion.

Kansas lawmakers sent a $16.1 billion budget for the next fiscal year to Gov. Sam Brownback that includes new limits on bonds for tourist-related developments and out-of-state conduit issuers for universities.

With Kansas lawmakers already working to close a $200 million budget gap, the state now must now address a court order to fix the school funding formula by June 30.

As Kansas revenues fell $6.8 million below projections for January, lawmakers began looking for ways to close the expanding budget gap.

A $327 million University of Kansas bond sale that used a Wisconsin conduit issuer drew criticism from lawmakers seeking to ban future out-of-state deals.

Kansas Gov. Sam Brownback plans to cut $25 million in highway spending and enact other cuts as revenue continues to fall.

Kansas revenues fell $27 million below expectations for December, returning to a pattern of shortfalls after a one-month reprieve in November.

The University of Kansas will use the Wisconsin-headquartered Public Finance Authority as conduit for a $350 million lease-revenue bond deal instead of the Kansas Development Finance Authority.

After four months of falling below expectations, Kansas revenues exceeded estimates for November, according to the state Department of Revenue.

In one of its largest deals in recent years, the Kansas Department of Transportation will issue $400 million of revenue bonds for its “T-Works” highway program.

Kansas Gov. Sam Brownback ordered $123 million in spending cuts, transfers and other measures as state revenue estimates continued to fall in November.

Kansas revenues have fallen short of projections for the fourth consecutive month, according to the state's October report.

In the first quarter of the Kansas fiscal year ended Sept. 30, revenues of $1.35 billion were $42.5 million or about 3% below projections, according to state Revenue Secretary Nick Jordan.

Kansas revenues ran about $30 million or 6.8% below projections for August, according to state budget director Shawn Sullivan.

Kansas’ sale of $1 billion of pension bonds to reduce the funding gap will fall far short of soliving the state’s long-term problem, according to Moody’s Investors Service.

Kansas started off its new fiscal year with tax revenues running $3.7 million below expectations, according to the Kansas Department of Revenue.

In a deal designed to reduce the state pension funding gap during a period of low interest rates, Kansas will issue $1 billion of pension obligation bonds.