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State Revenues Come In Lower Than April Forecast

first_imgState Revenues Come In Lower Than April ForecastNovember 23, 2017  Staff ReportTheStatehouseFile.comIndiana has fewer dollars pouring into the general fund than state officials estimated when they made their forecast in April, with the biggest decline in corporate income tax collections.The State  Budget Agency reported Monday that year-to-date general fund collections totaled almost $4.8 billion, or 2.5 percent less than what was the forecast and only slightly below revenues reported in the same period one year ago.The agency also reported that year-to-date sales and individual taxes were slightly below the April forecast but 2.2 percent more than what the state collected in the same period in the last fiscal year.Also down slightly through the current fiscal year were individual income tax collections, which were $1.8 billion or .3 percent below the forecast. But those collections were 2.8 percent more than what the state took in during the same period in the last fiscal year.Meanwhile, corporate income tax collections were 52.9 percent below the forecast and 45.7 percent below the amount the state took in during the same period in the last fiscal year. Part of the reason collections are down is that corporate refunds have risen as the Department of Revenue processes refunds more quickly.Also, corporate tax collections vary greatly from month to month, the agency also reported. Collections depend on when corporations file their returns, how quickly they are processed, whether they claim refunds, among others.The agency also said that more corporate tax dollars are paid in the final six months of the fiscal year compared to the first six months. The current fiscal year ends June 30.TheStatehouseFile.com is a news website powered by Franklin College journalism students.Print Friendly, PDF & EmailFacebookTwitterCopy LinkEmailSharelast_img read more

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first_imgThe Sioux City Council is the latest public entity to show support for a trail connecting Woodbury and Plymouth counties.The council gave unanimous support to the project on their consent agenda Monday afternoon after receiving a presentation from supporters from Plymouth County including trail committee member Greg Grupp:Audio Playerhttp://kscj.com/wp-content/uploads/2017/08/PLY.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.OC……..Iowa community. ;18Grupp says the committee intents to develop the Plymouth County part of the trail with private equity and no taxpayer dollars.The proposed trail would become part of 70 miles of trails in the tri-state area.The project running from Le Mars to Merrill and Hinton on south would use D-O-T right of way property to eliminate land acquisition expenses:Audio Playerhttp://kscj.com/wp-content/uploads/2017/08/PLY2.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.OC…….in Siouxland. ;14Dakin Schultz of the Iowa Department of Transportation says there are some criteria to follow for the trail to be built on the Highway 75 right of way:Audio Playerhttp://kscj.com/wp-content/uploads/2017/08/PLY3.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.OC……impact drainage. :24Plymouth County Supervisors have not supported the proposed trail due to costs estimated between $10 and $25 million dollars.Two public meetings on the proposed trail will take place next week.One on Wednesday, August 16th at the Hinton Community Center, and the second Thursday, August 17th at the Merrill city council chambers.Both meetings will begin at 6:00 p.m.last_img read more

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