Monday, December 10, 2012
The Kansas Legislature's research staff has revised its projections for the budget shortfall facing the state next year, dropping it to $295 million.
The initial projection for the shortfall was $328 million. The new figure is 10 percent lower.
The researchers released the new estimate Monday after completing their monthly report on revenue collections. The projected shortfall is the gap between the anticipated revenues and existing spending commitments for the fiscal year that begins July 2013.
The first projection was tied to a financial forecast issued in early November by state officials.
Legislative researchers later discovered that they'd improperly included some one-time spending from the current fiscal year in their projections on spending for the next fiscal year. Also, revenue collections in November were slightly better than anticipated.