Governor Brownback says state finances will allow for tax cuts
Kansas Gov. Sam Brownback says the state's finances are now solid enough to allow for the large income tax cuts lawmakers approved earlier this year.
Brownback said Wednesday that he wanted to participate in election-year discussions about the state's finances. Critics worry that the tax cuts will cause future budget problems.
Brownback also announced that the state will pay off nearly $25 million in bonds early because it can afford to do so. The bonds helped finance a wide range of projects, including an ongoing renovation of the Statehouse and improvements at the state fairgrounds in Hutchinson.
Also Wednesday, his administration and the Legislature's research staff released preliminary figures showing the state ended its 2012 budget year on June 30 with $466 million in cash reserves.
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