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Indiana’s Revenue Funds On Target With Yearly Forecast

The forecast for May was more than actual intake, but the yearly predictions have been fairly accurate.

Department of Revenue

Photo: Dan Goldblatt/WFIU-WTIU News

The Department of Revenue took in more taxes in April than in May.

Heading into the last month of the fiscal year, Indiana’s general fund revenues are nearly on target with the most recent revenue forecast. Through eleven months of the fiscal year, state revenues are just 0.2 percent behind December’s forecast.

May’s tax collections were significantly below predicted levels, though state budget director Adam Horst says that was expected.

Due to streamlined operations at the Department of Revenue, far more tax returns were processed in April than ever before, which meant fewer were processed in May so the state brought in less revenue than projected.

Still, Horst says revenues are ahead of the state budget plan, and June is typically the second largest revenue month of the year, meaning this month will determine how sound the state’s position is as the fiscal year ends.

June’s revenues will also help determine how much money the state gives back to its taxpayers this year. A law passed in 2011 mandates a refund to Hoosiers if the state’s surplus gets too large.

Brandon Smith, IPBS

Brandon Smith, IPBS has previously worked as a reporter and anchor for KBIA Radio in Columbia, MO, and at WSPY Radio in Plano, IL as a show host, reporter, producer and anchor. Brandon graduated from the University of Missouri-Columbia with a Bachelor of Journalism in 2010, with minors in political science and history. He was born and raised in Chicago.

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