Kansas collected $611 million of general fund revenues in September, beating the expected collections of $582 million by almost 5%. The Department of Revenue said the extra income erased a revenue dip in August.
Collections for the first quarter of fiscal 2013, which began July 1, of $1.5 billion are $16 million more than expected in the latest revenue forecast.
Revenue Secretary Nick Jordan said total revenue receipts were 8.6% higher than in September 2011, as individual and corporate income-tax collections came in higher than expected.
Corporate income and financial institutions sectors showed strong growth, Jordan said, with corporate income surpassing estimates by $32.7 million, or 65% above the earlier estimate. Financial institution taxes were $3 million or 77% more than expected.
Individual income receipts were also $14 million higher than expected.
“We expect the growth in corporate income receipts to indicate future jobs growth in the private sector, which will help the governor’s two goals of growing private-sector jobs and increasing the net worth of Kansans,” Jordan said.