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Indiana Revenues Down…Again

Indiana’s latest revenue report shows the state is now an additional eighty six million dollars in the red. Indiana Public Broadcasting’s Marianne Holland reports.

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State Revenues Continue Falling Short

Indiana Governor Mitch Daniels says January collections show the state’s revenue continues to fall short of projections. Numbers released today reveal state tax dollars were nearly seventy five million dollars below what was forecasted in December. Governor Daniels says continued declines in state revenue means constantly reassessing state spending and cuts.

“We’re just going to have to keep taking this month by month and we can’t say for certain that the revenue will begin to match the forecast.”

Daniels has implemented a variety of cuts, including hiring and pay freezes and public and higher education cuts. Total revenue for the fiscal year is seven percent below the previous year.

-Marianne Holland

State Revenue Falls Short of Projections, Again

Indiana Governor Mitch Daniels is calling on state revenue forecasters to look at how they calculate their projections, after revenue collections for the first quarter of the state’s fiscal year fell 254 million dollars behind projections. Indiana Public Broadcasting’s Marianne Holland reports.

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.