Indiana tax revenues are finally back in line with expectations after months of falling short of projections.
For the first five months of the fiscal year that began in July, Indiana was evaluating the performance of its revenue collections based on its April forecast, and the state did terribly, coming in more than $140 million short.
That prompted Governor Mike Pence to cut the budgets of state agencies and universities.
The revenue projections were revised last month to reflect slightly less optimism about the state’s economic growth. After last month’s revenue collections, the state’s revenues for the first half of the fiscal year are right at expectations.
December tax collections were more than $40 million above target, boosted in large part by strong individual income tax collections.