Thursday, November 5, 2009

A group of state economists, researchers and other policy leaders are gathering Thursday afternoon to determine what the Kansas revenue picture will look like for the next 18 months.

The consensus revenue estimate is the foundation which Gov. Mark Parkinson and legislators use to determine the state budget.

Tax collections for the first four months of the fiscal year suggest the new estimate will be significantly lower than the last estimate made in April.

According to the latest revenue report, Kansas missed collection estimates by $85 million from July through October. Collections are down $242.5 million — or 13.2% — from the same period last year.

Parkinson has promised that he will make budget cuts before legislators return in January.