Financial projections released late Monday paint a grim picture for Kansas’s budget in the wake of Gov. Sam Brownback’s (R) decision to sign massive income tax cuts into law.
The estimates showed that the state is on track to collect $1 billion less in revenue next year and in 2016 than had previously been projected, according to the Kansas City Star.
The estimates also said the state will use up $380 million in reserves and still have to cut another $280 million for fiscal year 2015 to balance the state’s current budget. In addition, in 2016, revenues are expected to be $436 million short of expenditures according to the forecast.
Altogether it was the latest bit of bleak news for Kansas and Brownback, who won re-election a week ago, defeating House Minority Leader Paul Davis (D).
In late October, just before the election, data showed Kansas’s October tax revenue was 15 percent below previous projections. Tax collections were $23 million short of projections, according to the Associated Press.
Well Mr. Brownback (and Kansas voters) … you built that.
Well done.
(golf clap)
The trickle is coming I promise, right down Brownback’s inner thigh.
Congratulations Kansas. You elected him not once,but twice because…Obama. Cheers.
Will the people of Kansas learn anything from the economic fiasco they’ve brought upon themselves? I’m guessing no.
Oh, the awesome fiscal responsimability of it all. Good luck with that, Klansas.