May Revenue Down $220 Million, Overall Nearly $1 Billion Less Than Budgeted For
State revenue numbers were about $220 million below projections, or about 20 percent. Year-to-date revenue collections are almost $1 billion less than budgeted for.
Indiana Office of Management and Budget Director Cris Johnston says one of the state’s revenue streams – sales tax – is generally steady, even in economic hardship.
“There’s usually a growth pattern with the sales tax. But our May collections have not been at this level since 2013,” he says.
June is expected to be the second highest revenue month behind April at $2 billion. Johnston says the state may benefit from corporate and individual tax deadlines due July 15.
Contact Lauren at lchapman@wfyi.org or follow her on Twitter at @laurenechapman_.