DALLAS – Kansas revenues exceeded projections by $14.6 million in November, ending four months of shortfalls, state Revenue Secretary Nick Jordan said.
Individual income tax receipts were $3 million or 1.7% more than estimates.
Sales tax receipts were $3.5 million more than estimates and $17 million more than what was collected November 2014.
"Individual income tax receipts continue to reflect growth and a low unemployment rate," Jordan said.
Total receipts for the first five months of the fiscal year, reflecting money collected by the Kansas Department of Revenue and other agencies, totaled $2.3 billion.
Overall revenue collections – which include corporate franchise fee, insurance premiums, interest, net transfers, agency earnings and miscellaneous – were $439 million for the month, or $14.6 million more than expectations, Jordan reported.
Revenue expectations for the remainder of the fiscal year ending June 30 were lowered in November after several monthly declines. Estimates for the fiscal year were reduced by nearly $160 million.
Gov. Sam Brownback's administration has been forced to trim spending amid falling revenues. Brownback won legislative approval of income tax cuts in 2012 and was forced to offset the lost revenue with higher sales taxes in the 2015 session as predictions of an economic expansion failed to materialize.
