Kansas will avoid a budget deficit and be able to pay the bills on time. The state plans on using $291 million in internal government borrowing. All of this as a result of Governor Sam Brownback signing the budget bill into law this week, allowing the state to avoid short-term cuts in aid to public schools, social services and other programs. Now, the state plans to liquidate a special investment fund and loan most of the proceeds to its main bank account to cover general spending before the fiscal year ends on June 30. The loan would be paid back over seven years. But that doesn’t pull the state out of the hole… Kansas will still face projected budget shortfalls totaling $989 million for the two years starting in July.
Source: VNC News
Powered by WPeMatico