For the second straight month, state revenue collections are below forecasted levels.
Indiana took in $29 million less than expected in February, the second time this fiscal year collections fell short of forecasted levels. But revenues for the entire fiscal year are still ahead of the most recent forecast by $39 million.
Compared to last February, all levels of revenue collection – including sales and individual income taxes – are significantly up. And the months ahead look promising. In a statement, state budget director Adam Horst said based on tax refunds paid out the last two months, individual income tax collections could be stronger later this fiscal year.