State Budget Committee Releases Revenue Forecast

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Governor Mike Pence says the State Budget Committee's December revenue forecast projects modest economic growth. It suggests the unemployment rate will continue to stay under 6 percent over the next three fiscal years. Pence tempered the announcement by noting flat revenue in fiscal 2014 and a downward revision in the tax revenue forecast next year. December 18, 2014

News Release

INDIANAPOLIS, Ind. - The State Budget Committee today released the December revenue forecast, which projects modest growth over the next three fiscal years.

"This revenue forecast confirms the growth we are seeing across our state and should be an encouragement to every Hoosier," said Governor Mike Pence. "While the December revenue forecast projects economic growth for our state, Hoosiers may be assured that our Administration will continue to exercise caution as we finalize our recommended budget for the next two years."

The state revenue forecast comes on the heels of the Indiana Economic Outlook 2015 Forecast, published by the Ball State University Center for Business and Economic Research, which predicts an increase in the state's gross domestic product of 3.4 percent and an increase in personal income of 3.3 percent. It also follows solid revenue growth year over year in the current fiscal year.

The Governor sounded a note of caution following flat revenue in fiscal year 2014 and the downward revision of the fiscal year 2015 estimate by $129 million from the December 2013 estimate.

Source: The Office of Governor Mike Pence