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Ind. continues modest tax collection gains in Oct.

November 3, 2011

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INDIANAPOLIS—Indiana continued to fill its coffers slightly better than expected in October but the state's economic forecast remains dim.

The state announced Thursday that it took in nearly $41 million more than expected last month. The state overshot its estimates by a modest 3.8 percent although collections are vastly improved from a year ago.

Collections of the state's sales tax and income tax improved last month, but gaming revenues continued to lag as they have for the past four months.

State Budget Director Adam Horst cautions that the national economic outlook remains glum. State leaders are expected to receive an updated budget forecast in December.

Indiana University economists separately presented a dim outlook of the state's economy Thursday, but predict the state's jobless rate will improve to 8 percent next year.