From the Indianapolis Star:
State revenues are almost exactly on target with one month remaining in the fiscal year, State Budget Director Adam Horst said this morning.
While tax receipts dipped a bit in May, that was expected after a robust April due to the speed of state processing of tax returns, Horst said. In all, state revenues fell a mere 0.2 percent below the most recent forecasts.
Horst said June — typically the state’s second largest revenue month of the year — will determine whether the state ends the 2012 fiscal year on June 30 slightly above or below projections.
In the last 11 months, he said, state general fund revenues have increased 6.3 percent compared to he same period last year.
In May, sales tax collections were almost exactly the amount predicted while individual income taxes were down 2.8 percent, corporate tax collections were up nearly 14 percent, riverboat wagering was down 1.2 percent and racino wagering was up 9.5 percent.
http://www.indystar.com/apps/pbcs.dll/article?AID=2012120604029
