Indiana is riding a poor streak heading into the last month of the fiscal year: the state’s tax collections fell short of the mark three months in a row.
Both sales and individual income taxes fell short of the mark, with corporate income taxes the lone bright spot for the month.
Through nine months of the fiscal year the state is essentially on target for its projections.
Indiana’s tax collections remain just barely above target through eight months of the fiscal year.
Indiana tax revenues have come in just below expectations for most of the fiscal year.
The new revenue forecast includes optimistic expectations for individual income taxes.
Through a third of the current fiscal year, revenues are about $61 million below target. That's about 1.3 percent off the mark.
Indiana revenue for the month of July was lower than expected, however better than expected income tax payments helped improve the August numbers.
The 2 percent cut totals about $27 million for the state's colleges and universities.
Despite the good news, the state still isn’t meeting its total target with only two more months left in the fiscal year.