Ind. Tax Revenues Suffer From Cold February

Posted On March 07, 2014

By Mike Perleberg

(Indianapolis, Ind.) – Like many bodies of water, Indiana’s tax revenue stream was frozen during the bitter cold month of February.

The Indiana State Budget Agency released the state’s revenue report for February on Friday. It displayed tax revenues down $512 million in the month, which is $19.7 million or 3.7 poercent below the forecasted target.

Individual income tax collections were $121 million, or about $65.2 million – 35 percent – below the forecast.

Indiana Governor Mike Pence and budget officials pointed to the thermometer in February for the steep declines.

“Due to severe winter weather that affected Hoosiers all across the state, this revenue report was not unexpected. Our administration is confident that we will be able to manage budgetary resources in a way that preserves Indiana’s fiscal integrity,” Pence said Friday.

Gaming tax revenues were behind by $5.4 million last month, a considerable portion of the $13.3 million missed so far in fiscal year 2013 which began last June. Four of the state’s casinos had to close their doors to the public for two to three days in February due to weather conditions.