Kansas Budget Negotiators Reach A Tentative Deal
KSCB News - May 1, 2014 1:42 pm
A tentative deal has been struck on lingering issues in the Kansas budget, moving legislators closer to concluding the 2014 session despite a spate of bad economic news.
House and Senate negotiators finished work on the budget Thursday, including giving a pay raise for nearly 38,000 state employees and new officers at the Topeka Correctional Facility. The timing of a vote on the budget was uncertain.
On Wednesday, the state Department of Revenue reported that tax collections for the month totaled $92 million less than expected. Officials cited changes in the federal tax code on capital gains and other income.
Also on Wednesday, Moody’s Investor Services downgraded the state’s bond rating on concerns about long-term pension obligations and further reduction of state ending balances necessary to cover expenses.