State revenue below expectations in January

INDIANAPOLIS | Indiana fell short of its state revenue goal in January for the first time this budget year.

Overall, the state took in $1.332 billion in tax revenue, but budget forecasters expected $1.380 billion, a shortfall of $48 million.

Both sales and income taxes, the state's two largest revenue sources, were below expectations for January and now are below year-to-date expected revenue through the first seven months of the budget year. 

January sales tax revenue totaled $617.7 million, or $33.3 million less than forecast. Income tax revenue was $560.4 million, $18 million below expectations.

Indiana is still running a surplus of $67.1 million, compared with the December 2011 revenue forecast.

State revenue is $177 million ahead of the revenue forecast used in April 2011 to craft the 2012-13 state budget.