TOPEKA, Kan. (AP) – Kansas revenue forecasters predict the state will collect nearly $705 million less in the next fiscal year than it will this year as income tax cuts take effect and a sales tax increase expires.
The prediction issued Tuesday is the first glimpse at how the experts believe the cuts adopted in May will affect state revenue. The cuts take effect in January.
The forecasters shaved $5.2 million from their earlier prediction of revenues in the fiscal year that ends next June 30, bringing it down to $6.17 billion. They also say they expect the state to collect $5.46 billion in the 2014 fiscal year, which begins next July.
The forecasting team includes legislative researchers, members of the governor’s budget stuff, Department of Revenue officials and economists from three state universities.