State revenues fell nearly two percent below projections last month. Indiana collected 16 million dollars less than its recent forecasts predicted for August.
State budget director Adam Horst explained in a statement, the cause is a simple timing issue. August 2012 had one fewer Friday, and thus, one fewer given payroll, than last year, causing the discrepancy.
Horst says, to get a more accurate idea of the state’s fiscal health, one should consider a two-month period of July and August.
Combining those months, Indiana is more than four percent ahead of forecasts. Horst says because September is the third largest month for collections, the state will have an even better view of its fiscal picture next month.
