Indiana revenue collections tick up, but miss projections

June 3, 2010

Indiana revenue collections rose 1 percent in May compared with the same month last year, but they still came in $83 million less than projected in the budget passed last year.

The State Budget Agency said Thursday that collections through 11 months of the current fiscal year stand about $1 billion below the budget passed by the General Assembly in June 2009.

Gov. Mitch Daniels has cut hundreds of millions of dollars from that budget, so part of that gap has been offset. But Budget Director Chris Ruhl said, despite efforts to curb spending, the state's reserves were again drawn down this month.

Much or all of the state's surplus is expected to be depleted by the time the budget expires June 30, 2011, if the economic recovery doesn't strengthen.


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