State revenues stumbled in October.
Revenues were over $668 million, but that number is over 3 percent below estimates and down 2.5 percent from a year ago.
Individual income tax collections outperformed both estimates (0.5 percent) and the October 2023 numbers (4.3 percent), but corporate income tax collections missed estimates by over 36 percent and the 2023 monthly number by almost 34 percent. Combined retail sales and compensating use tax receipts missed projections by 1.1 percent and the October 2023 total by almost 4 percent.
The Consensus Revenue Estimating Group will meet Nov. 15 to discuss possible revisions to the state’s financial forecast. It consists of members of the Department of Revenue, Division of Budget and Legislative Research Department along with economists from the University of Kansas, Kansas State University and Wichita State University.
