Post by Flames on May 4, 2009 15:33:35 GMT -5
Budget Barometer
Decline in revenue collections accelerates
Governor Mitch Daniels today revealed that the state's total revenue collections for April were 22 percent below collections for the same period in 2008. Total revenue collected was also $255 million below the most recent revenue forecast.
Daniels said the budget considered by the General Assembly relied on more than $1 billion in revenues that are not likely to be realized over the next two years. He suggested that another revenue forecast be conducted by the state budget committee before calling a special session of the legislature. The General Assembly did not pass a budget before the 2009 session ended April 29. The governor will call a special session before the end of the current fiscal year, which is June 30.
"Regrettably, in the month of April, revenues were not as bad as we projected-they were worse," said Daniels. "They were $255 million below the forecast made for the legislature just over two weeks ago. That is a very large miss, undoubtedly going to be repeated in the last two months of this fiscal year."
The April report and accompanying commentary may be found at this link: www.in.gov/sba/2485.htm
Decline in revenue collections accelerates
Governor Mitch Daniels today revealed that the state's total revenue collections for April were 22 percent below collections for the same period in 2008. Total revenue collected was also $255 million below the most recent revenue forecast.
Daniels said the budget considered by the General Assembly relied on more than $1 billion in revenues that are not likely to be realized over the next two years. He suggested that another revenue forecast be conducted by the state budget committee before calling a special session of the legislature. The General Assembly did not pass a budget before the 2009 session ended April 29. The governor will call a special session before the end of the current fiscal year, which is June 30.
"Regrettably, in the month of April, revenues were not as bad as we projected-they were worse," said Daniels. "They were $255 million below the forecast made for the legislature just over two weeks ago. That is a very large miss, undoubtedly going to be repeated in the last two months of this fiscal year."
The April report and accompanying commentary may be found at this link: www.in.gov/sba/2485.htm