Indiana bracing for budget cuts

Indiana bracing for budget cuts
Louisville Financial Advisor Mark Lamkin of Lamkin Wealth Management said retirees and job seekers should not panic as the coronavirus outbreak impacts the stock market. (Source: Colin Watts)

LOUISVILLE, Ky. (WAVE) - Indiana’s state government agencies have been told to cut spending by 15 percent for the coming year.

State tax collections were about $960 million less than expected for April, and Governor Eric Holcomb said today the state could see a drop of more than $3 billion in tax revenue over the next 14 months.

Budget officials last month imposed a widespread hiring freeze.

No cuts to school or university funding have been announced, although those areas saw significant cuts during the last recession in 2009-10.

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