May 12, 2020
Last month, the Consensus Revenue Estimating Group offered its predictions for the next year, painting a grim picture for state finances during the COVID-19 pandemic. The monthly State General Fund Revenue Receipt Update was released May 1, and those predictions appear to be mostly on target.
The estimated revenue for April was $645.59 million, and the actual revenue brought in was $645.27 million (a shortfall of $321,021). Compared with last year (April 2019), the amount of revenue decreased significantly. Last April, revenue receipts totaled $1.275 billion, more than $630 million over April 2020.
There are two major reasons for the change. First, the state is beginning to see the economic ramifications of COVID-19, including major decreases in income and sales taxes. Second, April usually brings in more revenue, with Tax Day falling on April 15. This year, Kansas extended the tax filing date to July 15. This change means that a portion of revenue previously anticipated for April 2020 will instead be received in the coming months.
To learn more about the CRE update, read our blog post here.