DALLAS - Kansas revenues fell $22 million short of projections for the month of June, leaving the state $33 million short for the 2015 fiscal year that ended last month, officials said.
The state took in $5.52 billion for the 2015 fiscal year that ended June 30.
Kansas lawmakers and Gov. Sam Brownback made cuts in spending after the state fell $300 million short of projections in the 2014 fiscal year. The shortfalls came after the legislature, at Brownback's urging, cut income tax rates in 2013. To overcome a $400 million deficit in the fiscal year beginning July 1, the Legislature approved the largest tax increase in the state's history, shifting the burden from income to sales and tobacco taxes.
By reducing the tax burden on corporations and wealthy individuals, Brownback expects the state's economy to expand, leading to a "trickle-down" effect for the lower income groups.
Though still below the latest projections, Kansas revenue receipts for fiscal year 2015 were $69.9 million more than the previous year.
The state collected $59.3 million more in individual income tax receipts, according to Revenue Secretary Nick Jordan. Sales and use tax receipts were $38.6 million more in sales and use tax receipts for fiscal year 2015 and $18 million more for corporate income tax receipts compared to the fiscal year prior.
In June, individual income receipts were $14.4 million less than expected. Sales and use tax receipts were $11.3 million less than estimates.
"While receipts in June were below estimates, we are pleased that the fiscal year to date receipts were less than 1% below estimates and outperformed last fiscal year," Jordan said.
