State Ends Year With Good Financial News

TOPEKA, Kan. (WIBW) - The state is ending 2012 with some good financial news.

The Kansas Dept. of Revenue released figures Friday showing the state took in $32.7 million more than expected in the first half of the fiscal year.

Revenue officials say individual income revenue receipts were $27.2 million, or 10.4 percent, more than estimated for December. The monthly total for all revenue receipts was about $30.2 million more than expected.

“While there is much work to do, we are pleased to begin the new year on a positive note with the Kansas economy showing steady signs of growth,” Revenue Secretary Nick Jordan said. “In 2013, we will continue to focus on policies that strengthen the Kansas economy and leave more money in the pockets of hard working Kansans.”

Despite the good news, the state also was facing a projected $328 million shortfall by June 2014 due to massive income tax cuts enacted this year.