State revenue forecast downsized by $1 billion-WEB ONLY

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A new state revenue forecast predicts that
Indiana will take in $1 billion less in taxes through June 2011 than
predicted in a more-optimistic estimate made just last month.

estimates show the state taking in less revenue in 2009 than 2008. But
the May forecast predicts slight growth in fiscal year 2010 and growth
of more than 3 percent from 2010 to 2011.

Gov. Mitch Daniels had
said the April forecast was too rosy, even though that document
predicted tax collections to be $830 million less than a December

Daniels could use the new May forecast to prepare his
proposed budget. The General Assembly didn’t approve a budget by its
regular session deadline, so Daniels must call a special session before
the current budget expires June 30.

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