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Indiana Casino Revenue Up

INDIANAPOLIS, Indiana – As reported by the Indianapolis Star: "Indiana collected $88.8 million, or 11.7 percent, more in tax revenue than projected for November, putting the state nearly $188 million above forecast for the first five months of the fiscal year.

"Gov. Joe Kernan said Friday that the figures were "good signs" Indiana's economy was recovering, but Gov.-elect Mitch Daniels said they provided only 'trivial' relief to the state's severe budget problems.

"The state faces a projected deficit of $830 million and owes more than $710 million in back payments to schools, universities and local governments.

"All of the big three revenue streams _ sales taxes, individual income taxes and corporate income taxes _ came in above the November forecast, according to the state Budget Agency. Revenue for the first five months of the fiscal year was nearly $358 million, or 8.9 percent, higher than the same period last year.

"Corporate income tax revenue for the year includes a one-time payment of back taxes totaling $49.9 million as a result of an Indiana Tax Court ruling regarding casinos. More than $35 million in payments were reported in the November figures, state Budget Director Marilyn Schultz said…"

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