US: Kansas Gets $62.4M as Annual Share of Tobacco Suit Settlement

Source from:  Topeka (KS) Capital-Journal 04/29/2015

Kansas' 2015 share of a lawsuit settlement initially negotiated with tobacco companies in 1998 will be just over $62.4 million, Kansas Attorney General Derek Schmidt announced Tuesday.

Schmidt characterized the annual settlement amount as "relatively stable" with amounts received in previous years, and said it was consistent with estimates provided to the state's budget planners last fall.

Because states such as Kansas who sued tobacco companies receive their settlement payments each April, this year's payment will reimburse the state for expenses already paid in the current fiscal year to programs designed to benefit from the settlement, The amount of the annual settlement payment can vary each year based on several variables, including annual sales of certain tobacco products, Schmidt said.

In Kansas, the annual payments support the Children's Initiative Fund, which supports early childhood development programs. Enditem