Strong finish to 2021 fiscal year provides opportunity to focus on Kansas families
July 6, 2021
The June monthly State General Fund Revenue Receipts, released July 2, marked the end of the 2021 Kansas fiscal year. This year has seen collections exceeding the predicted and cautious estimates, given the COVID-19 pandemic. June continued the trend by bringing in more than expected.
Estimated revenue from total receipts for June was $666 million, and the actual revenue brought in for receipts was $806 million. Estimated revenue from total taxes for June was $697 million, but the actual revenue brought in for total taxes was $854 million, $157 million more than projected.
This brings the total receipts for fiscal year 2021 to $8.9 billion, which was 9.5% or $766 million more than anticipated by the Consensus Revenue Estimate Group in updated estimates from April.
June’s total revenues outperformed corresponding months in 2020 and 2019 with a few key categories exceeding 2021 estimates by significant amounts:
- Corporate income tax: $64 million above
- Individual income tax: $49 million above
- Retail sales tax: $24 million above
- Compensating use tax: $10 million above
Compared to 2020, total receipts were up 28.5%, a total increase of almost $2 billion and a much-needed rebound from that tumultuous year. Keeping in mind that last year’s delay of the tax deadline from April 15 to July 15 meant a portion of revenue previously anticipated for April 2020 was instead received during the 2021 fiscal year, this increase is a good sign for the state as it works to regain economic stability.
The higher-than-expected receipts put Kansas in a great place to increase investments in areas that will help Kansas families, as well as saving for future rainy days.< Back to the news list