Indiana's state tax collections came in slightly below projections for January, the first monthly shortfall since the new state budget year began last July.

Figures released Tuesday by the State Budget Agency show tax revenues came in less than expected by nearly $48 million, or about 3.5 percent. Tax revenue for the first seven months of the budget year is about 1 percent ahead of projections and 8.3 percent ahead of the same period a year ago.

The budget agency attributes most of the January shortfall to sales-tax collections coming in at $33 million less than projected.

State budget director Adam Horst says tax collections are still ahead of the forecast that legislators used last year in preparing the current state budget.