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State Revenue Falls Short Of Projections For October

Jim Nix
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https://www.flickr.com/photos/jimnix/6168273244

Indiana last month faced the first significant revenue shortfall this fiscal year, collecting $64 million less than expected.

A processing error shifted more than $86 million tax dollars collected in September to October’s balance sheets.  After accounting for that shift, the state fell short of its target revenue by nearly 6 percent last month. 

Through a third of the current fiscal year, that puts Indiana about $61 million below target, which is about 1.3 percent off the mark. 

The biggest losses in October came in sales tax and corporate income tax collections, which were off by about $27 and $35 million, respectively.  Corporate taxes in particular fell short, 107 percent below projections. 

The State Budget Agency says higher corporate refunds contributed to that shortfall.  Indiana will release a new revenue forecast next month. 

Note: An earlier version of this story stated four-month revenue is down 6 percent. Is is in fact down 1.3 percent.

Brandon Smith is excited to be working for public radio in Indiana. He has previously worked in public radio as a reporter and anchor in mid-Missouri for KBIA Radio out of Columbia. Prior to that, he worked for WSPY Radio in Plano, Illinois as a show host, reporter, producer and anchor. His first job in radio was in another state capitol, in Jefferson City, Missouri, as a reporter for three radio stations around Missouri. Brandon graduated from the University of Missouri-Columbia with a Bachelor of Journalism in 2010, with minors in political science and history. He was born and raised in Chicago.
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