TOPEKA, Kan. (KSNT) — The Consensus Estimating Group met Tuesday to revise the November 6, 2020 State General Fund estimates for FY 2021 and FY 2022.
The overall estimate for FY 2021 and FY 2022 was increased by a combined $361 million.
For FY 2021, the estimate was increased by 4.1 percent above the November estimate. Revenue researchers said the increase shows that the state is ‘back on the right track,’ after facing financial hardship during the pandemic.
“It’s a good sign for the economy that things are improving and getting stronger, and back to where we know it could be,” said Adam Proffitt, the state’s budget director.
Revised estimates for the upcoming fiscal year, FY 2022, also show an increase of 0.6% above previous estimates.
Researchers said most industries have seen an upward trend, including Leisure and Retail/Sales.
“It’s now back to where it was pre-pandemic,” said J.G. Scott, Director of the Kansas Legislative Research Department.
Scott and Proffitt said this could provide more flexibility for upcoming budget allocations, allowing the state to fund services that faced budget cuts in previous fiscal years.
“As the revenue picture started to improve, the governor’s able to restore some of those cuts to various programs, protecting public safety, mental health, and core services across the state,” Proffitt told Kansas’ Capitol Bureau.
Governor Laura Kelly released the following statement in response to the report:
“It’s encouraging that our state is recovering from the COVID-19 pandemic but we must be cautious. Kansas has been through a lot and we need to allow adequate time to recover and rebuild by continuing to invest in our schools, our infrastructure and the economic development tools that helped bring in a record amount of capital investment last year.”Governor Laura Kelly
The revisions include the estimated impact of of all 2021 legislation signed into law thus far.
Watch the full Consensus Revenue Estimates press conference below: