Monday, September 9, 2013

Journal-Gazette Reports State Revenues Down in August

From the Fort Wayne Journal-Gazette:

State tax collections continued a recent trend and did not meet projections in August, the State Budget Agency reported Friday.

Revenues were down $51 million last month. Over the first two months in the new fiscal year, tax collections are $65 million off the pace – or down about 3.2 percent.

Collections were also 3.3 percent lower than in the first two months of the previous fiscal year.

State Budget Director Brian Bailey said lawmakers redirected 1 percent of sales tax collections to the motor vehicle highway fund for road construction, which reduced general fund collections by $11.7 million the first two months.

But that change alone does not make up the entire deficit.