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April Report Shows State Revenue Down

April revenue reports, released today, show the state brought in about 255 million dollars less than expected. Indiana Governor Mitch Daniels says that number means legislators will need to cut a billion dollars more than expected when they return for a special session. Daniels says despite the declines and lack of predictability, he still does not support a one year budget, as proposed by House Democrats.

“I honestly think there’s another way, there are other ways, to accomplish the same thing and to deal with that uncertainty. A budget could be written with triggers that say that more spending can be added if revenues surprise on the up side or more spending can be subtracted if revenues continue to disappoint on the down side.”

Income tax revenues were down thirty one percent from a year ago and sales tax collections also dropped twelve percent. Governor Daniels says he wants a new revenue forecast from the state budget committee before he will call a special session. After failing to pass a budget during the regular session that ended last week, lawmakers must now approve a budget before the new fiscal year begins on July first.

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