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updated: 11/6/2009 11:04:16 AM
October State Revenues Fall $46 Million Below Estimate
The State Budget Agency reports total revenue collections for October were $46 million below the forecast amount. State tax collections were down 8.5 percent and individual income tax collections were 13 percent lower than the same period last year. The agency has also restated revenue for July, August and September.
Source: Inside INdiana Business
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It says an accounting error related to sales tax collections on out of state motor vehicle sales artificially overstated collections for those months by $9 million.
The state says October gaming revenue exceeded the forecast and are $15 million higher than anticipated for the first four months of the fiscal year.
Overall revenues for the fourth month period are $309 million below forecast and $517 lower than last year.
Source: State Budget Agency
Commentary on October Revenue Report
