Governor Mitch Daniels said today the state's fiscal position appears to be getting stronger. As he released the November monthly revenue report, he said revenues are running ahead of projections.
The governor also said that as a result of an internal audit, the state has identified funds that had not been transferred from a Department of Revenue account to the state's General Fund. The computer software error started in 2007 and has affected only estimated payments of corporate income taxes via a payment option known as e-check.
E-check receipts impacted since 2007:
* FY2007 -- $4,730,578.05 (1.5 percent of total amount)
* FY2008 -- $29,574,930.01 (9.2 percent)
* FY2009 -- $56,243,768.64 (17.6 percent)
* FY2010 -- $58,300,950.61 (18.2 percent)
* FY2011 -- $139,194,582.51 (43.5 percent)
* FY2012 (YTD) -- $32,148,409.42 (10 percent)
"For both these reasons, stronger than anticipated revenues reflecting greater strength in the Indiana economy and the appropriate accounting for about $288 million, Indiana's strong fiscal position looks even stronger and the surplus that we have and that we expect to be there to protect us in the future is even larger," said Daniels. ($288 million through FY2011.)
A copy of a memo from State Budget Agency Director Adam Horst to the governor which outlines the details of the programming error and a one-page overview may be found here:
A copy of the November 2011 revenue report may be found at this link:
Audio from today's media availability may be accessed here: