May Revenue Down $220 Million, Overall Nearly $1 Billion Less Than Budgeted For
State revenue numbers were about $220 million below projections, or about 20 percent. Year-to-date revenue collections are almost $1 billion less than budgeted for.
Indiana Office of Management and Budget Director Cris Johnston says one of the state’s revenue streams – sales tax – is generally steady, even in economic hardship.
"There’s usually a growth pattern with the sales tax. But our May collections have not been at this level since 2013," he says.
READ MORE: State Revenue Nearly $1 Billion Below Forecast Due To Delayed Tax Filing, Business Closures
June is expected to be the second highest revenue month behind April at $2 billion. Johnston says the state may benefit from corporate and individual tax deadlines due July 15.
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