Indiana officials said revenues fell nearly 2% below expectations in August, though revenues overall are 4% ahead of forecasts for the first two months of the fiscal year.
Individual income-tax revenues came in $14 million below projections in August, down by 12.5% compared to the same period last year.
Budget director Adam Horst said the decrease was because August had one less Friday payday than August 2011. Fiscal 2012 general fund revenues so far are exceeding projections by $50 million.
“Through August, state general fund revenues have increased 4.1%, nearly double the rate needed to meet the most recent forecast,” Horst said in a revenue commentary released last week. General fund revenues are $28 million ahead of forecast through the first two months of the fiscal year.