TOPEKA, Kan. (KSNT) – The Division of the Budget and Kansas Legislative Research Department released its latest State General Fund revenue estimate for the fiscal years 2020 and 2021 on Thursday.
The revised estimate for the fiscal year 2020 was increased by $220.4 million and is now $7.652 billion. This is also reflected for the fiscal year 2021, which is now $7.676 billion. That’s $305.1 million more than the previous estimate made in April.
The combined total increase for both fiscal years was $525.5 million. The estimate for total taxes was increased by $510.5 million, and other revenues were increased by $15.5 million for both years.
Professor of economics for Washburn University Paul Byrne said this increase is more than likely due to how well the economy is doing.
With the addition of money, the government may be able to push down the tax rates, or spend more money on things such as Medicaid expansion, education, and raises for government employees.
“It’s kind of the starting point, where both the Legislature and the governor, before they can argue about what we’re going to spend money on or what we’re going to do with the tax rates that they have to… (know) how much money is available and whether they can make any changes from that,” Byrne said.