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Indiana's state government took in 9 percent more in tax revenues in July compared to a year ago, but collections remained
below budget targets.
The State Budget Agency reported Wednesday that Indiana collected $917 million in July. That's $72 million less than
what was expected in the budget lawmakers passed in 2009 and $15 million below the most recent revenue projections.
Gov. Mitch Daniels has ordered 15-percent cuts in state agency spending for fiscal year 2011, and the state is spending its
reserves to help make up for the revenue shortfalls.
Budget director Chris Ruhl says reserves were expected to drop to $188 million by the end of next June, but last month's
shortfall means that will be closer to $173 million.
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