Indiana misses monthly revenue goal again

2013-09-06T13:25:00Z 2013-09-06T23:21:26Z Indiana misses monthly revenue goal againBy Dan Carden dan.carden@nwi.com, (317) 637-9078 nwitimes.com
September 06, 2013 1:25 pm  • 

INDIANAPOLIS | Indiana fell short of its monthly revenue target last month, making it the fifth time in the seven full months Republican Mike Pence has been governor that state revenue failed to meet expectations.

Total state revenue for August was $951.2 million. That's $51.2 million, or 5.1 percent, below the state's revenue forecast.

Since February, under Pence's watch, the state's income has totaled $131.3 million less than predicted by budget officials.

State Budget Director Brian Bailey had no specific explanation for the ongoing monthly shortfalls.

He said the general fund revenue would be slightly closer to the forecast if the state was not socking away some of it for future transportation and health-care needs.

The 7 percent sales tax, the state's largest revenue source, brought in $572.9 million last month. That was $17.5 million, or 3 percent, less than expected.

The $305.5 million in August individual income tax revenue was $42.9 million — 12.3 percent below the forecast. It also was $3.3 million less than last August's state income tax collections.

Overall, Indiana revenue is now $65.5 million, or 3.2 percent, below expectations through the first two months of its 2014 budget year and down $69 million, or 3.3 percent, compared to the same period last year.

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