The State Budget Committee also received the state’s revenue forecast during their December 18th meeting. While it was termed “moderately positive,” the forecast indicated that Indiana will face a $129 million shortfall. Overall, General Fund revenue is projected to grow by 2.4 percent in fiscal year 2016 and 3.2 percent in 2017. Key to this projection is modest growth in projected sales tax revenues of 4.1 percent and 4.7 percent in fiscal year 2016 and 2017 respectively coupled with decreases in gaming and cigarette tax revenue.
For more information and reaction to the presentations, please see the following related resources and articles:
Medicaid Forecast Presentation
Revenue Forecast Presentation
New State Revenue Forecast Predicts Positive Budget Cycle, Indiana Public Media, Brandon Smith
Indiana revenue expectations down $129M for 2015, Indiana Business Journal, AP
Five Takeaways from State Budget Forecast, IndyStar, Tony Cook