Archive for Friday, March 6, 2009

Size of next year’s projected state budget deficit grows

March 6, 2009

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— The size of Kansas’ projected budget deficit grows to $682 million for the fiscal year that begins July 1.

It’s the gap that would occur if the state tried to duplicate its current budget during its 2010 fiscal year.

The new figure Friday from legislative researchers is higher because state tax collections fell $14 million short of expectations in February. State officials had anticipated tax revenues of more than $260 million. Instead, Kansas collected less than $247 million.

The shortfall cuts into the cash reserves the state will carry forward from the current fiscal year. Then, researchers deduct the same amount from their revenue projections for fiscal 2010.

The old deficit projection was $654 million.

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