Officials Lower State Revenue ProjectionsPosted: Updated:
State budget officials have adjusted revenue projections to make up for lower-than-expected sales and income tax growth. The expectations have been reduced by nearly $300 million following a forecast issued in April. Our partners at The Times of Northwest Indiana point out the most recent forecast adjustment shows the state will still take in more money than it will spend over the next year and a half. Those numbers anticipated nearly 4 percent growth in sales taxes and 5 percent in income tax for the current budget year.
However, state revenues have been more than 140 million lower than forecast since July. Most of that can be attributed to slower income tax revenue.
You can view the full forecast presentation to the committee by clicking here.
Sources: The Times of Northwest Indiana and The State of Indiana