June 5, 2020

May Revenue Down $220 Million, Overall Nearly $1 Billion Less Than Budgeted For

Article origination IPBS-RJC
Indianapolis shut down several streets downtown to allow restaurants to expand outdoor seating into the street. - Lauren Chapman/IPB News

Indianapolis shut down several streets downtown to allow restaurants to expand outdoor seating into the street.

Lauren Chapman/IPB News

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.

Contact Lauren at lchapman@wfyi.org or follow her on Twitter at @laurenechapman_.

Support independent journalism today. You rely on WFYI to stay informed, and we depend on you to make our work possible. Donate to power our nonprofit reporting today. Give now.

 

Related News

The Secret Service is investigating how a gunman who shot and injured Trump was able to get so close
GOP US Rep. Spartz, of Indiana, charged with bringing gun through airport security, officials say
West Lafayette city council votes down resolution calling for Gaza ceasefire