June revenue for Kansas beats reduced estimates
July 2, 2020
In June, the governor released potential budget cuts to address the significant revenue decline for fiscal year 2020 and the anticipated shortfall for fiscal year 2021. Today, the last State General Fund (SGF) revenue receipt update of the 2020 fiscal year was released. While the estimated total receipts revenue for June was $491 million, the actual revenue brought in was $549 million, nearly $58 million more than anticipated.
This brings the total receipts for fiscal year 2020 to $6.9 billion, which was more than $75 million more than anticipated since the Consensus Revenue Estimate Group updated their estimates in April. Fiscal year 2020, with the declining revenue due to the COVID-19 pandemic, brought in less than FY2019. (To compare, FY19 total revenue receipts were nearly $7.4 billion.)
July 1 was the first day of Fiscal Year 2021, in which Kansas lawmakers will face an anticipated budget shortfall of significant magnitude. Ensuring Kansas communities and families have the tools they need to come through this health and economic crisis must be the top priority of lawmakers as they make tax and budget decisions.
In Kansas, we have tried to cut our way to prosperity before. It didn’t work. Kansas must consider ways to raise revenue to protect funding for health care, public schools, community programs, and all the other services that Kansas families need now more than ever. Tune in next month as we analyze the first month of Fiscal Year 2021, which will show the revenue brought it from the delayed July 15 tax filing and payment deadline.< Back to the news list