State tax revenues continue rebound and that’s good for schoolsScott Rothschild
Kansas tax receipts continue to grow and that is good for the school finance plan, which phases in funding increases.
December tax revenue was 5.4 percent over estimates and 10.1 percent more than December 2018. For the fiscal year, which started July 1, Kansas tax collections are 5.7 percent, or $193.3 million, ahead of this point last year.
The Kansas Department of Revenue described the increases as “consistent growth” as the state enters the second half of the fiscal year and the Legislature convenes on Jan. 13 the 2020 session, in which it will start work on the state budget.
The state’s major tax sources — income and sales taxes — are both up from last year.
In November, state budget experts revised upward the amount Kansas would receive in tax funds by $525 million for the remainder of this fiscal year and the next fiscal year.
The increasing revenue helps make funding the school finance plan more manageable for the next three fiscal years.
The Associated Press reported that state tax collections have exceeded expectations for 11 months in a row and in 30 of the 31 months dating back to June 2017.