This morning the Governor ordered state universities to cut $150 million immediately after revenues came in much lower than expected for November.
Following the 14th straight month of lower than projected tax revenues, Indiana Gov. Mitch Daniels says the state will cut $150 million in funding for state colleges and universities.Daniels also said Friday that other steps will be taken because revenues are missing their targets significantly.
Tax collections for November were $144 million below forecast, and for the first five months of the fiscal year are $475 million below target.
"We are taking steps to offset shortfalls as they occur," Daniels said. "The chance that revenues will suddenly begin to resemble the forecast seems highly unlikely."
