INDIANAPOLIS (AP) – A state revenue forecasting committee plans to release new Indiana tax collection projections on Tuesday.

The projections by a panel of economists and fiscal analysts will predict how much money the state expects to take in through the end of the current 2-year budget cycle, which expires July 2011.

Tax collections for November were $144 million below a May forecast and are $475 million or 9 percent, below target for the first five months of the fiscal year.

That prompted Gov. Mitch Daniels to announce more budget reductions, including a $150 million cut in spending for higher education. He has said that he hopes the new forecast is more accurate.

Fox 28
12/12/2009