Indiana Revenue Falls $255M Below Forecast
(STATEHOUSE) - Indiana Governor Mitch Daniels discussed the April 2009 revenue report on Monday.
Total revenue collections were $1.3 billion bellow collections for the same period last year and $255 million below the April forecast.
That is five times the expected loss for April, May and June collectively. April is the biggest collection month because of taxes, but tax collections were 12% below collections for the same time last year.
The governor has been skeptical of the forecast prediction made by some legislators of a sudden financial rebound for the state.
The revenue information shows a need for a new forecast before legislators return for a special session. Daniels says that based on April's results, the budget that the General Assembly was considering would have been unrealistic.
The fiscal year ends July 1st.
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