July 13, 2022

ICYMI: Governor Kelly’s Fiscal Responsibility Leads to Largest Rainy Day Fund, First Time in 23 Years State Doesn’t Need Loan

KEY QUOTE: “The state closed the year with $969 million in the budget stabilization fund — the most ever since the state created a rainy day fund in 2017 following the tax experiment of former Gov. Sam Brownback.”

 

Kansas avoids short-term loans as fiscal year ends with $1 B for rainy day, $438 M surplus tax revenue 

Topeka Capital Journal

July 6, 2022

  • “For the first time in 23 years, Kansas state government ended the fiscal year without needing a short-term loan to cover operating expenses.”
  • “Kansas closed the fiscal year with nearly $1 billion in the rainy day fund and $438 million in surplus tax revenues.”
  • “The office said the lack of loans and beefing up the rainy day fund highlight Kelly’s ‘record-setting levels of fiscal responsibility.’”
  • “’When I first came into office, Kansas had no savings, and in fact, was going into debt every year,’ Kelly said in a statement. ‘My Administration worked to put Kansas on a consistent path of fiscal stability and economic growth.’”
  • “Kelly said those efforts ‘paid off’ by supported funding for K-12 education, higher education, law enforcement and tax cuts.”

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