Many state capitals around the country are reeling from the present economic turmoil.

But during the past few months, Kansas’ state government finances have remained steady.

“In the immediate term, it (the stock market collapse) is not having a direct effect on us,” said Gov. Kathleen Sebelius’ budget director, Duane Goossen. But, he added, “It certainly raises some red flags.”

Nationwide, many states are facing high rates of unemployment, significant downturns in tax revenue, and nose-diving home values.

Not so in Kansas. The state unemployment rate is 4.7 percent, compared with the national rate of 6.1 percent.

And for the first quarter of the fiscal year in Kansas, revenue receipts were down only 1.4 percent below earlier projections.

Goossen said he saw a report that 36 states have declining economies, and Kansas isn’t one of them.

“We have weathered this better than most states,” he said.

Farm commodity prices are high, aviation manufacturing continues to perform well and foreclosures on homes have been much lower in Kansas than in other states, he said.

While some tax sources have dropped in Kansas, others have increased, such as oil and gas severance taxes, according to the Kansas Legislative Research Department.

Even so, Kansas’ projected budget will be tight.

In June, Sebelius asked state agencies to draft recommendations for reducing their budgets by up to 2 percent for the remainder of the current fiscal year.

And a continued drop in the stock market will eventually affect tax collections, Goossen said.

“There are worries and concerns about where things may go,” he said.

On Nov. 4, state budget experts will have their regularly scheduled meeting to revise revenue projections that will be used by lawmakers when putting together a budget during the next legislative session, which starts in January.