(Syndicated to Kansas newspapers Dec. 5, 2016)
We all read the bad news about forecasts of dropping state revenues in the upcoming fiscal year, presuming that the governor and Legislature can cut their way out of the current fiscal year with a constitutionally required minimum of $1 in the bank on June 30.
It will mean scurrying around to cut spending for the next six or so months, which won’t be pretty, especially for the nearly one-third of the 165 lawmakers who are new to the job.
But the scariest part of the so-far most detailed forecast of state revenues is coming up in the year that starts July 1, according to the just-released Consensus Revenue Estimate “long memo.” That long memo explains why Kansas is expected to receive less tax money and it paints a bleak picture for state revenues.